TG Therapeutics has entered into a new five-year, $750 million senior secured credit facility with funds managed by Blue Owl Capital, replacing its existing $250 million facility and delivering a net $500 million in non-dilutive capital. This strategic move bolsters the company’s financial flexibility amid robust growth in BRIUMVI sales for relapsing multiple sclerosis. Concurrently, the board has expanded the share repurchase authorization to $300 million, signaling strong confidence in the company’s valuation and long-term prospects as BRIUMVI continues to gain market traction.
TG Therapeutics Bolsters Balance Sheet and Shareholder Returns with Major Financing and Buyback Expansion
TG Therapeutics, a commercial-stage biopharmaceutical company focused on B-cell diseases, has significantly strengthened its financial position through a major debt refinancing and an aggressive enhancement to its capital return strategy. The company announced a new senior secured credit facility totaling $750 million arranged with funds managed by Blue Owl Capital. This replaces the prior $250 million senior secured credit facility, resulting in a net influx of $500 million in non-dilutive capital after repaying the outstanding balance on the existing loan.
This refinancing provides TG Therapeutics with substantial additional liquidity without issuing new equity, preserving shareholder ownership while supporting ongoing commercial efforts, research and development initiatives, and potential strategic opportunities. The five-year term aligns with the company’s projected growth trajectory, particularly as its flagship product, BRIUMVI (ublituximab-xiiy), an anti-CD20 monoclonal antibody approved for relapsing forms of multiple sclerosis (RMS), continues to demonstrate strong performance in the U.S. market.
BRIUMVI has been a key driver of TG Therapeutics’ revenue acceleration. In the full year 2025, U.S. net product revenue from BRIUMVI reached approximately $594 million, marking a roughly 92% increase from the prior year. Fourth-quarter 2025 U.S. net revenue alone stood at about $183 million, reflecting sequential quarterly growth of around 20%. Total global revenue for 2025 approached $616 million, incorporating ex-U.S. sales through the company’s partnership with Neuraxpharm, where BRIUMVI has secured approvals in regions including the European Union, United Kingdom, Switzerland, Australia, Kuwait, and the United Arab Emirates.
The new capital supports TG Therapeutics’ ambitious outlook for 2026, with guidance targeting total global revenue of $875 million to $900 million, including U.S. BRIUMVI net product revenue of $825 million to $850 million. This projection reflects expectations of continued market share gains in the competitive RMS space, driven by BRIUMVI’s differentiated profile, including its dosing schedule and growing real-world evidence of efficacy and safety.
Complementing the financing, TG Therapeutics’ board of directors has expanded the company’s share repurchase program to a total authorization of $300 million. This builds on prior buyback activity, where the company previously completed programs totaling $200 million (including a $100 million authorization completed earlier and another $100 million follow-on). The expanded program underscores management’s view that the stock remains undervalued relative to the company’s fundamentals and growth potential.
Share repurchases provide a direct mechanism to return capital to shareholders, potentially enhancing earnings per share and supporting stock price stability. With a market capitalization in the mid-single-digit billions and shares trading recently in the $30 range, the buyback represents a meaningful portion of outstanding equity and reflects confidence amid ongoing pipeline advancements.
These include progress on subcutaneous formulations of ublituximab, which could expand patient convenience and market access, as well as the ENHANCE Phase 3 trial simplifying infusion protocols. Longer-term data from open-label extensions continue to reinforce BRIUMVI’s profile, with five-year results highlighting sustained benefits in RMS patients.
The combination of non-dilutive funding and expanded repurchases positions TG Therapeutics favorably to execute on its commercial ramp-up while maintaining a disciplined approach to capital allocation. The Blue Owl facility offers flexible terms suited to a growth-oriented biotech with predictable revenue streams from an established product.
Key Financial and Operational Highlights
Net Non-Dilutive Capital Raised : $500 million (after repaying $250 million existing facility)
New Credit Facility : $750 million senior secured, five-year term with Blue Owl-managed funds
Share Repurchase Expansion : Total authorization increased to $300 million
BRIUMVI Performance (2025) : U.S. net revenue ~$594 million (92% YoY growth); Q4 ~$183 million (20% sequential growth)
2026 Revenue Guidance : Global $875–$900 million; U.S. BRIUMVI $825–$850 million
Pipeline Focus : Subcutaneous ublituximab advancement, ENHANCE trial data expected mid-2026, potential label enhancements
This transaction and program expansion highlight TG Therapeutics’ transition toward sustainable profitability and shareholder value creation in the competitive neurology and immunology landscape.
Disclaimer : This article is for informational purposes only and does not constitute investment advice, financial recommendations, or an offer to buy or sell securities. Investors should conduct their own due diligence and consult with qualified professionals before making decisions.
Leave a Reply