Note from BoA Global Research: "BCRX announced a royalty purchase agreement with RPRX and a credit loan agreement with Athyrium. BCRX will receive an upfront $125mn cash from RPRX, in exchange for 8.75% sales-based royalties up to $350mn annual sales, 2.75% royalties between $350mn-$550mn and tiered revenues outside of key territories for the recently-approved Orladeyo in preventing hereditary angioedema (HAE) attacks. The agreement also grants RPRX 1% sales royalty on its oral Factor D inhibitor BCX9930 that’s currently being evaluated in treating paroxysmal nocturnal hemoglobinuria (PNH). BCRX will also draw $125mn from the $200mn credit facility with Athyrium to repay outstanding ~$44mn debt with MidCap Fin. Trust and support its ongoing launch of Orladeyo and R&D development. We positively view today’s updates, as the agreements strengthen the company’s balance sheet and remove the near term need for dilutive financing. It also extends its cash runway meaningfully and allows the company to focus on advancing the early-stage BCX9930 program."