RedHill up after selling constipation drug rights to clear debt

Redhill Biopharma

06/02/2023 12:43

** U.S-listed shares of Israel-based drugmaker RedHill
Biopharma  RDHL.O  rise 8.5% to $0.25 premarket
    ** Co to clear all its debt obligations under a credit
agreement between its U.S. unit and HealthCare Royalty (HCR)
    ** Agreement involves transfer of Redhill's rights to its 
constipation treating drug, Movantik, to an affiliate of HCR
    ** Agreement will also generate "substantial" revenue for
the co from Movantik transition services for up to 12 months -
Redhill
    ** RDHL shares down ~76% in the past six months 
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))