REG - Allergy Therapeutics - Update on funding and total voting rights

Allergy TherapeuticsAnnouncement

23/02/2026 08:00

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RNS Number : 9953T  Allergy Therapeutics PLC  23 February 2026

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company")

 

Update on funding

 

and

 

Total Voting Rights

 

23 February 2026 Allergy Therapeutics plc (AIM: AGY), the fully integrated
commercial biotechnology company specialising in allergy immunotherapies,
today provides an update on the Group's funding and working capital position.

 

In October 2024, the Company entered into a £40m secured senior loan
facility (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities
LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP ("Hayfin"), a
leading alternative asset management firm.

 

The 2024 Hayfin Facility consisted of a committed £20m five year term loan
and an additional uncommitted £20m incremental facility. The Company has
fully drawn down the committed £20m term facility.

 

The Company is pleased to announce that on 20 February 2026, it entered into
an amendment to the 2024 Hayfin Facility under which a new £40m senior
secured facility is being made available to the Company in place of the
original £20m uncommitted facility (the "2026 Hayfin Facility").

 

The 2026 Hayfin Facility consists of a committed £40m three year term loan
which is extendable to five years as set out below. The Company intends to
fully draw down this facility, which will provide it with working capital for
at least the next 12 months, allowing the Company to focus on its proposed
Hong Kong listing and driving further growth in the business, underpinned by
the recent launch of Grassmuno in Germany.

 

Terms of the 2024 and 2026 Hayfin Facilities (the "Facilities")

 

The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin
Facility and is subject to an upfront arrangement fee and has a variable
interest rate based on SONIA plus 9.5% per annum with interest payable based
on Company selected interest periods.

 

As previously announced, the Company is evaluating a listing on the Hong Kong
Stock Exchange later this year (the "Hong Kong Listing"). Should the Company
decide to proceed with the Hong Kong Listing, and if the Hong Kong Listing
occurs by 31 December 2026, the duration of both the 2024 Hayfin Facility and
the 2026 Hayfin Facility will be extended such that aggregate amounts drawn
under the Facilities will be due for repayment on 20 February 2031. If the
Hong Kong Listing does not complete by 31 December 2026, the repayment date of
the 2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.

 

Following the full draw down of the 2026 Hayfin Facility, Allergy will have a
principal amount of £60m of debt outstanding under the Facilities and no
shareholder debt following the repayment of the entire balance in October 2025
as part of the shareholder warrant exercise.

 

Warrant Exercise and Subscription

 

The Company issued a total of 133,458,226 warrants to Hayfin in connection
with the 2024 Facility, which entitle Hayfin to subscribe for new ordinary
shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") at
an exercise price of 0.1 pence per Ordinary Share ("Warrants").

 

As part of the financing arrangements related to the 2026 Hayfin Facility,
Hayfin has exercised all its Warrants on a cashless basis, using a share price
of 10.07 pence per Ordinary Share (representing the 30-day volume weighted
average price of an Ordinary Share on AIM as at 20 February 2026), resulting
in the issue of 132,133,723 new Ordinary Shares to Hayfin, fully paid.

 

Pursuant to the 2026 Hayfin Facility, the Company also granted Hayfin rights
to subscribe for 59,546,848 new Ordinary Shares at a subscription price of 0.1
pence per Ordinary Share (the "Subscription Rights"). The Subscription Rights
were likewise exercised on a cashless basis, using a share price of 10.07
pence per Ordinary Share (representing the 30-day volume weighted average
price of an Ordinary Share on AIM as at 20 February 2026), resulting in the
issue of 58,955,876 new Ordinary Shares to Hayfin, fully paid.

Following completion of the exercises of the Warrants and the Subscription
Rights, Hayfin will be interested in an aggregate of 191,089,599 Ordinary
Shares, representing 3.02% of the Company's issued share capital. No Warrants
will remain outstanding to Hayfin.

Admission and Total Voting Rights

 

Application has been made for the 191,089,599 new Ordinary Shares being
issued to Hayfin following exercise of their Warrants and Subscription Rights,
which will rank pari passu with the existing Ordinary Shares in issue, to be
admitted to trading on AIM ("Admission"). Admission is expected to occur at
8:00 a.m. on 26 February 2026.

Following Admission, the Company's total issued and voting share capital will
consist of 6,332,529,550 Ordinary Shares. The Company does not hold any
Ordinary Shares in treasury. The total number of voting rights in the Company
is therefore 6,332,529,550.

The above figure may be used by shareholders in the Company as the denominator
for the calculation by which they will determine if they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented:
"This long-term funding transaction, together with the launch of Grassmuno and
continued progress of our key R&D programmes, provides the working capital
to put Allergy Therapeutics in the best strategic position for the future as
we work towards or Hong Kong listing."

 

Howard Rowe, Head of Healthcare at Hayfin, commented: "Allergy Therapeutics
represents the best of British pharmaceutical enterprise within the field of
allergy treatments and we are delighted to provide additional support through
this new £40m facility."

 

This announcement contains inside information for the purposes of
the UK Market Abuse Regulation.

 

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

 

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash / Giles Balleny / Seamus Fricker / Joe Smith

Nigel Birks- Life Science Specialist Sales

+44 (0)20 7220 0500

 

ICR Healthcare

Mary-Jane Elliott / David Daley / Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@icrhealthcare.com
(mailto:allergytherapeutics@consilium-comms.com)

 

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