, March 28, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley"), a diversified financial services platform, today announced that certain of its affiliates led the financing to support Harrow Health, Inc.'s ("Harrow") (Nasdaq: HROW) recent acquisition of the exclusive commercial rights to five FDA approved ophthalmic products. B. Riley provided $59.75 million in debt financing to Harrow in January 2023 upon consummation of the acquisition, and as part of a fully backstopped $125 million commitment. The B. Riley loan was repaid in full on March 27, 2023 in connection with Harrow's recently announced $100 million credit facility with a large global investment manager.
In connection with the financing, B. Riley Securities also served as lead left book-running manager in Harrow's related equity and senior notes offerings in December 2022 which raised $65.25 million in aggregate gross proceeds to fund a portion of the purchase price of Harrow's acquisition.
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: "We congratulate the Harrow team on this landmark transaction which extends its leadership in the U.S. ophthalmic pharmaceuticals market. Our participation in this transaction reflects our continued advocacy of our clients and ability to utilize our balance sheet to enable their success. We remain committed to support our clients amid a challenging period for credit markets and throughout the next stages of their growth."
Mark L. Baum, CEO of Harrow, commented: "B. Riley has been a consistent and reliable partner to Harrow as we have executed our growth strategy, creating significant value for our shareholders and more fully meeting the needs of our customers. We are grateful to Bryant Riley personally, and the entire B. Riley team, for their leadership and support throughout the process of this transaction."
Harrow is a Nashville, TN-based eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies. Its completed acquisition of the five FDA-approved ophthalmic products represents its second transaction with Novartis and complements Harrow's current portfolio of ophthalmic prescription products.
About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
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SOURCE B. Riley Financial