23rd Feb 2026 10:07
(Alliance News) - Allergy Therapeutics PLC on Monday announced a new debt facility as it continues to assess a possible Hong Kong listing.
The Sussex, England-based biotechnology firm said on Friday it had entered into an amendment to the facility struck in 2024 with Hayfin Healthcare Opportunities LuxCo Sarl, a fund advised by Hayfin Capital Management LLP, an alternative asset management firm.
Under the agreement, Allergy Therapeutics said a new GBP40 million senior secured facility is being made available by Hayfin in place of the original GBP20 million uncommitted facility.
The 2024 facility consisted of a committed GBP20 million five year term loan and an additional uncommitted GBP20 million incremental facility. The company has fully drawn down the committed GBP20 million term facility.
The 2026 facility consists of a committed GBP40 million three year term loan which is extendable to five years. The company intends to fully draw down this facility, which will provide it with working capital for at least the next 12 months, allowing it to focus on its proposed Hong Kong listing and drive further growth, underpinned by the recent launch of Grassmuno, a subcutaneous allergen immunotherapy, in Germany.
The 2026 facility has substantially the same terms as the 2024 deal and is subject to an upfront arrangement fee and has a variable interest rate based on sterling overnight index average plus 9.5% per annum with interest payable based on selected interest periods.
Allergy Therapeutics said it continues to evaluate a listing on the Hong Kong Stock Exchange later this year.
Should the company proceed with the listing, and if it occurs by the end of 2026, the duration of both the 2024 Hayfin facility and 2026 facility will be extended to February 20 2031.
If the listing does not complete this year, the repayment date of the 2024 and 2026 facilities will be October 16 2029.
Following the full draw down of the 2026 facility, Allergy Therapeutics said it will have a principal amount of GBP60 million of debt outstanding and no shareholder debt following the repayment of the entire balance last October 2025.
Shares in Allergy Therapeutics fell 0.2% to 10.38 pence each on London on Monday.
By Jeremy Cutler, Alliance News reporter
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