OPKO Health amends note agreement, issues $125 million in additional senior secured notes

On August 13, 2026, OPKO Health entered into an amendment to its Note Purchase Agreement originally dated July 17, 2024. The amendment was made with certain purchasers, OPKO's wholly-owned subsidiaries OPKO Biologics Ltd. and EirGen Pharma Limited acting as guarantors, and HCR Injection SPV, LLC serving as agent. Under the amendment, OPKO issued additional senior secured notes with an aggregate initial principal amount of $125,000,000.¹

The notes come due on July 17, 2044, with interest set at the 3-month SOFR rate carrying a 4.0% annual floor, plus an additional 7.5% per year, matching the structure of the original agreement.¹ Interest payments are made quarterly, tied to profit share payments EirGen receives through its arrangement with Pfizer, Inc.¹

Collateral for the notes includes EirGen's royalty stake in mazdutide, stemming from a licensing deal with Eli Lilly and Company signed February 25, 2010, covering royalties on mazdutide sales in China.¹ If EirGen's quarterly royalty payments fall short of the interest due, the shortfall is first covered using the mazdutide royalty payments, with any remaining funds applied toward principal reduction.¹ Total mazdutide payments applied under this structure are capped at $187.5 million, subject to certain indemnified liabilities and expenses.¹

The guarantor subsidiaries have backed the notes and pledged security interests in specified assets.¹ The amended agreement includes standard covenants limiting debt and liens, restrictions on amending key contracts or disposing of assets, financial covenants, and typical default provisions covering payment failures, breaches of representations, insolvency, and cross-defaults tied to other major debt agreements.¹

The additional notes were issued under exemptions from registration requirements, sold to accredited investors or qualified institutional buyers for investment purposes rather than resale.¹ OPKO said full documentation will be filed as an exhibit to its 10-Q for the quarter ending September 30, 2026.¹