RedHill Biopharma signs agreement to settle obligations, remove Talicia lien

RedHill Biopharma signed a Global Termination Agreement with Movantik Acquisition, Valinor Pharma and HCR Redhill. As a result of the agreement, RedHill received approximately $9.9M in cash and gained full control over an additional $0.74M currently held in a restricted account, leading to an increase of approximately $12.2M in liabilities for RedHill, reflecting assumed and settled liabilities between the parties, resulting in a net balance sheet reduction of approximately $2.3M. In addition, the Agreement ends all existing credit ties with the Agreement parties, removes the existing lien against Talicia and restores control over cash collections back to RedHill. The agreement eliminates substantially all encumbrances related to the previous Movantik divestment and Credit Agreements.