Structured Credit$150 Million

May 2016


VELTASSA® is a non-absorbed polymer medicine approved by the FDA in October 2015, making it the first approved medicine for the treatment of hyperkalemia in more than 50 years.


Relypsa was planning to raise a significant amount of capital to repay existing debt, strengthen its balance sheet and fund the commercialization of their recently launched product, VELTASSA®. Working with HCR and Athyrium, Relypsa successfully raised $150 million in a rapid time frame, allowing management to return to the commercial launch. Loan terms included limited covenants and provided the company with the flexibility to raise additional capital while maintaining strategic optionality. HCR was responsible for $60 million of the aggregate $150 million investment.  Relypsa was acquired by Galenica 2 months after this investment was made and at a significant premium.