Irvine, California — November 13, 2025 — Leads & Copy — AEON Biopharma, Inc. (NYSE American: AEON) announced two transactions that could generate approximately $22 million. The biopharmaceutical company said the transactions will strengthen its balance sheet, reduce outstanding debt by more than 90%, and advance its ABP-450 biosimilar program after it submitted positive analytical data to the FDA.
AEON has entered into a binding term sheet with Daewoong Pharmaceutical for the exchange of $15 million in notes, plus accrued interest, into equity. The exchange also includes a $1.5 million new note due in 2030, and 8 million cash-exercise warrants, which could generate more than $8 million. Additionally, AEON has entered into a securities purchase agreement for a $6 million private placement (PIPE) with two existing investors.
According to Rob Bancroft, President & Chief Executive Officer of AEON, these transactions are a turning point for AEON as they enable the elimination of nearly all outstanding debt, strengthen the company’s balance sheet, and accelerate the ABP-450 biosimilar program. Bancroft added that the continued commitment of investors and Daewoong has been instrumental in driving this change. The company anticipates alignment with the FDA following its scheduled Type 2a meeting.
The PIPE includes the sale of 6,581,829 shares of Class A common stock (or pre-funded warrants in lieu of shares) at $0.9116 per share, totaling $6 million in gross proceeds. It also includes five-year warrants to purchase up to 6,581,829 shares of Class A common stock at an exercise price of $1.094 per share, and the investors’ rights to receive anti-dilutive warrants following the exchange of the Daewoong notes, for a number of shares not to exceed 6,581,829 shares.
The first closing of the PIPE is expected in November 2025, resulting in $1.79 million in gross proceeds. The second closing is subject to stockholder approval, the closing of the exchange of the Daewoong notes, and other customary closing conditions. The PIPE Warrants and anti-dilutive Warrants will be issued only at the second closing. AEON said the proceeds will allow for uninterrupted execution of its analytical program and are expected to accelerate biosimilar development by up to six months.
The Exchange with Daewoong will result in the elimination of more than 90% of AEON’s outstanding debt, strengthening of Daewoong’s long-term strategic alignment with the Company and transformation of AEON’s capital structure.
According to the release, ABP-450 is the same botulinum toxin complex currently approved and marketed for cosmetic indications by Evolus, Inc. under the name Jeuveau®. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in the United States, Canada, the European Union, the United Kingdom, and certain other international territories.
Laurence Watts
New Street Investor Relations
+1 619 916 7620
laurence@newstreetir.com
Source: AEON Biopharma
