OPKO Health Secures $125 Million Financing Against Mazdutide Royalties

Zacks Investment Research·18 Aug 2026·

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Corporate Action Biotechnology

OPK ▲

1801.HK ▲

Summary · why it matters

OPKO Health expanded its strategic financing relationship with HealthCare Royalty by issuing $125 million of senior secured notes backed by its royalty interests from the mazdutide license agreement with Eli Lilly. The notes are secured by OPKO's royalty interests arising from its mazdutide licensing agreement with Eli Lilly and are scheduled to mature in 2044, in line with the maturity of OPKO's existing HealthCare Royalty notes issued under the original financing arrangement. Total payments under the expanded financing structure are capped at 1.5 times the amount funded, after which OPKO will retain the future royalty economics associated with the financed stream. Mazdutide is being commercialized in China by Innovent Biologics under OPKO's licensing arrangement with Eli Lilly, with OPKO entitled to royalties on commercial sales, and the company recorded its initial mazdutide royalty revenues in 2025 following the product's commercial launch activities in China. HealthCare Royalty, which is majority owned by KKR and has committed more than $7 billion across more than 110 biopharmaceutical products since its founding in 2006, views mazdutide as an attractive opportunity given its exposure to the high-growth Chinese market.

Opko Health Inc ▲

Innovent Biologics Inc ▲