LONDON (dpa-AFX) - Spero Therapeutics (SPRO) announced a $105 million non-recourse non-dilutive royalty financing transaction with affiliates of Healthcare Royalty, or HCRx, a royalty acquisition company that is majority owned by KKR & Co. Inc. (KKR). The proceeds will primarily be used to support advancement of Spero's immunology drug candidate, SP001. HCRx will receive a portion of future milestone and royalty payments associated with sales of Utebzi.
HCRx will provide Spero with a $105 million payment at closing, net of original issue discount and applicable fees, in exchange for rights to anticipated payments from sales of Utebzi owing from GSK. HCRx will receive quarterly principal and interest payments, derived solely from the GSK payments due to Spero, until the loan balance is repaid. Following repayment, Spero will retain 35% of subsequent GSK payments related to sales of Utebzi.
Spero has granted GSK an exclusive license to develop and commercialize Utebzi in all territories, except certain territories in Asia. Following the transaction, Spero updated its cash runway guidance into the second half of 2029.
In pre-market trading on NasdaqGS, Spero shares are down 6.79 percent to $2.03.
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