SCHAUMBURG, Illinois — Injectables manufacturer Sagent Pharmaceuticals –– fresh off $30 million investment — has added a $15 million revolving credit facility. The company said only the funding would be used to fund “increasing working capital requirements” and other general purposes.
The revolving credit is through MidCap Financial LLC.
“This facility provides Sagent with non-dilutive capital and additional liquidity to support the company’s significant upcoming product introductions and accelerated growth,” Ronald E. Pauli, Sagent’s chief financial officer, stated in a release.
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Sagent in May added $30 million to its Series A round (bringing it to $113 million) to help launch a series of new products. It has about 10 products on the market and said recent said it expected to have 20 products launched by year’s end.