Aquestive Therapeutics secures $150 million debt refinancing with Oaktree

Aquestive Therapeutics, a U.S. pharmaceutical company, completed a $150 million five‑year debt refinancing with Oaktree Capital Management. Oaktree provided $55 million at closing, principally to repay an existing $45 million loan and associated fees. The facility includes additional tranches: up to $20 million upon FDA approval of the company’s Anaphylm rescue treatment, $25 million tied to sales milestones, and a final tranche of up to $50 million subject to lender consent.

The company will make interest‑only payments during the term, with all principal due at maturity. CEO Daniel Barber said the financing “will help drive growth for years to come” and reduces principal debt repayments over the next three years to zero while lowering the interest rate. Oaktree’s managing director for life‑sciences lending, Rahul Anand, added that the partnership supports the development of “a truly transformative rescue treatment for patients suffering from severe allergic reactions.” The refinancing is intended to provide flexibility for the potential launch of Anaphylm, pending regulatory approval.