ZymoGenetics Receives $100 Million Commitment From Deerfield
Luke Timmerman6/30/08
ZymoGenetics (NASDAQ: ZGEN) said today it has received a $100 million funding commitment from Deerfield Management, a biotech hedge fund. The Seattle-based company can draw the money in $25 million increments anytime over the next 18 months, and plans to use it to build its business with Recothrom, a drug for surgical bleeding. Deerfield will get a 2 percent royalty on Recothrom sales for every $25 million request by ZymoGenetics, the company said.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
