Nxera Pharma to amend bond terms, launch partial repurchase

Nxera Pharma Corporation has resolved to amend the terms and partially repurchase its 2028 euroyen-denominated convertible bonds with stock acquisition rights, issued on December 14, 2023. This strategic decision, subject to bondholder consent, is expected to be executed around December 2025. The company aims to mitigate near-term redemption risk and secure cash by removing the bondholders' early redemption option, scheduled for December 14, 2026.

The partial repurchase program, capped at JPY 5,000m (representing 15.6% of the outstanding face value), is intended to reduce future redemption burdens and potential share dilution. This move is designed to free up cash for strategic growth investments. The repurchase offer period runs from November 26, 2025, to December 17, 2025 (8:00 AM Tokyo time), though early closure or extension is possible.

The company plans to implement the partial repurchase around December 2025. Payment for the repurchased bonds will occur approximately on December 11, 2025, if bondholder consent is obtained, or around December 22, 2025, if approval from a bondholder meeting is secured. J.P. Morgan Securities plc and Merrill Lynch International will act as joint dealer managers for the buyback.