• Proceeds to primarily support MASH pipeline expansion and to refinance existing senior credit facility
• $350 million initial term loan funded at close and up to an additional $150 million available through 2027
• Agreement also provides for the possibility of additional incremental facilities of up to $250 million of credit to support further strategic pipeline expansion
  
   

 Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), today announced that it has entered into a $500 million senior secured credit facility with funds managed by Blue Owl Capital (NYSE:OWL), a leading alternative asset manager, to primarily advance Madrigal's pipeline to further extend its leadership position in MASH.

The non-dilutive financing consists of:

• A $350 million initial term loan funded at closing, a portion of which was used to refinance Madrigal's existing $115 million senior secured debt plus fees;
• A $150 million delayed draw term loan facility (DDTL), available in multiple draws at Madrigal's discretion through December 2027; and
• An option for additional incremental facilities of up to $250 million, available in multiple draws and at the mutual consent of Madrigal and Blue Owl, to support potential additional strategic business development activity.
  
   

"This agreement with Blue Owl meaningfully strengthens our capital position with non-dilutive funding to advance our MASH pipeline through smart, focused business development – a key element of our long-term growth strategy," said Bill Sibold, Chief Executive Officer of Madrigal Pharmaceuticals. "With strong U.S. launch momentum, a forthcoming U.S. Rezdiffra patent that provides protection through 2044, and a pivotal F4c outcomes trial underway, this facility gives us the financial flexibility to advance the expansion of our pipeline and extend our leadership position in MASH."

"We are proud to support Madrigal at this pivotal moment in their growth trajectory," said Sandip Agarwala, Managing Director and Head of Life Sciences at Blue Owl Capital. "Madrigal is well-positioned to transform the treatment landscape in MASH, and we believe Rezdiffra represents a breakthrough therapy for patients with significant unmet need. This investment reflects our high conviction in Madrigal's strategy, execution capabilities and commitment to building a market-leading portfolio for the future of MASH therapies."