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PDL BioPharma and Paradigm Spinee enter into $75M credit agreement

PDL BioPharma and Paradigm Spine announced that the parties have entered into a credit agreement whereby PDL will provide Paradigm with up to $75m of secured debt financing. Armentum Partners acted as financial advisors to Paradigm Spine for the transaction. An initial $50M was provided at the close of the transaction, with the remaining $25M to be funded in two equal tranches upon achievement of specified milestones.