Mineralys Therapeutics Announces Repurchase of Royalty Obligations in Tanabe License Agreement and Concurrent Financing

– Repurchase of lorundrostat royalty obligation in Tanabe license agreement for $200 million upfront and up to $100 million once certain commercial milestones are met –

– $500 million committed under senior secured term loan facility from funds managed by Pharmakon Advisors, LP –

– Priced $150 million Common Stock Offering –

RADNOR, Pa., June 03, 2026 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (NASDAQ: MLYS), a biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as chronic kidney disease (CKD), obstructive sleep apnea (OSA) and other diseases driven by dysregulated aldosterone, today announced the repurchase of all potential future royalty payments due to Tanabe Pharma Corporation (Tanabe) related to lorundrostat in exchange for a $200 million upfront payment and up to $100 million once certain commercial milestones are met. Concurrently with the royalty repurchase, the Company announced entering into a $500 million committed debt facility with funds managed by Pharmakon Advisors, LP, of which $100 million will be funded at closing. In addition, Mineralys separately announced the pricing of an underwritten offering of approximately $150.0 million of its shares of common stock.

“The transaction with Tanabe eliminates all future royalty payments under the license agreement and positions Mineralys to capture meaningful incremental value from future potential sales of lorundrostat,” said Jon Congleton, Chief Executive Officer of Mineralys Therapeutics. “The $100 million proceeds funded by Pharmakon at close, combined with the additional $400 million in additional capital from Pharmakon, meaningfully strengthens our balance sheet and access to capital.”

Repurchase of Lorundrostat Royalty Obligation under Tanabe License Agreement

Mineralys will pay Tanabe $200 million upfront and up to $100 million once certain commercial milestones are met to extinguish its existing royalty obligation for lorundrostat. As a result, Mineralys’ aggregate potential future milestone payments to Tanabe will be up to $265 million, including:

• $100 million in new commercial milestones
• $165 million in existing commercial milestones, including up to $10 million related to commercialization in a second indication

Tanabe has also agreed to subsequently assign to Mineralys its intellectual property rights related to lorundrostat.

Senior Secured Loan

Mineralys has entered into an up to $500 million senior secured term loan agreement with funds managed by Pharmakon. The term loan will be available to Mineralys in four tranches, with the first tranche of $100 million to be funded upon closing. Drawdowns at each tranche are subject to customary conditions. The five-year term loan matures in June 2031. The term loan bears interest at a rate based upon the secured overnight financing rate (SOFR), subject to a SOFR floor of 3.25%, plus a margin of 5.50% per annum.

Additional details of the repurchase of the lorundrostat royalty obligation under the Tanabe license agreement (the License Agreement) and the secured term loan will be filed with the SEC on a Current Report on Form 8-K.

Common Stock Offering

As separately announced, Mineralys also priced an underwritten offering of approximately $150.0 million of its common stock.

About Mineralys Therapeutics

Mineralys Therapeutics is a biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as CKD, OSA and other diseases driven by dysregulated aldosterone. Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor. Mineralys is based in Radnor, Pennsylvania, and was founded by Catalys Pacific. For more information, please visit https://mineralystx.com. Follow Mineralys on LinkedIn, Twitter and Bluesky.

About Pharmakon Advisors

Pharmakon Advisors, LP is a leading investor in non-dilutive debt for the life sciences industry and is the investment manager of the BioPharma Credit funds. Established in 2009, funds managed by Pharmakon Advisors, LP have committed up to $12 billion across 76 investments.

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