Teligent Raises $34.4 Million Through Convertible Notes to Advance Development of Generic Sterile Injectable Drugs

On November 4, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Teligent, a specialty generic pharmaceutical company, announced the issuance of $34.4 million in convertible notes. According to the financial terms, the offering commenced on October 31, 2019.

It is reported that Teligent will use the total net cash proceeds from this bond issuance to repay its 3.75% senior convertible notes due in December 2019 and to pay interest on other debt. In addition, the company will expand its operational scale and further penetrate the global generic drug market.

Teligent, founded in 1977 and headquartered in New Jersey, USA, is a specialized generic pharmaceutical company. The company is primarily engaged in the development, manufacturing, and distribution of specialty generic drugs to meet the medication needs of physicians and patients in the United States and Canada. Teligent aims to become a leader in the specialty non-patented prescription drug market. It was listed on the NASDAQ Stock Exchange in August 1981 under the stock ticker symbol TLGT.

Teligent is a dynamic group with approximately 200 employees, currently maintaining offices in New Jersey, USA; Toronto and Montreal, Canada; and Tallinn, Estonia. The company’s product development and manufacturing center is located in Buena, New Jersey. In 2015, Teligent acquired Alveda Pharmaceuticals, a Toronto-based pharmaceutical company, thereby expanding its business into the Canadian injectable drug market. In 2016, Teligent hired its first European employees in Tallinn to support product supply chain and quality operations.

Teligent regards generic drugs as the lifeline of its future. In recent years, an increasing number of generic pharmaceuticals have received FDA approval for market launch. Currently, the company offers dozens of non-patented sterile injectables and topical prescription medications, such as triamcinolone acetonide ointment (a combination anti-inflammatory and anesthetic agent), cefotetan injection (Cefotan), and diclofenac sodium 1.5% topical solution (a non-steroidal anti-inflammatory drug). Teligent’s scientists are developing new sterile injectable kits, topical filling tools, and automated production lines to accelerate the commercialization of drugs that have already obtained FDA approval.

Teligent is an integrated enterprise specializing in research and development, manufacturing, and sales. Its product development, quality control, manufacturing, regulatory affairs, and operations departments collaborate closely to provide safe and reliable products for patients. The company boasts cutting-edge equipment and technology and is establishing advanced R&D laboratories to accelerate generic drug development and enhance manufacturing capabilities.

Teligent executives stated, “We are passionate about science and committed to manufacturing a wide range of generic prescription drugs, such as sterile injectables and ophthalmic medications. We are confident in Teligent’s future.”

(Compiled by Xu Xiaoxue)