Rhythm Pharmaceuticals, Inc announced that it has entered into an investment agreement for a private placement of series A convertible preferred stock for gross proceeds of $150,000,000 on April 1, 2024. The transaction will include participation from Perceptive Discovery ID LP, the Master Fund managed by Perceptive Discovery Advisors, and C2 Life Sciences, LLC. The Preferred Stock will bear a dividend rate of 6% and will be compounded quarterly, and payable in cash or in kind at the Company?s option.

The transaction is expected to close on or about April 15, 2024. The Funds will purchase an aggregate of 90,000 of the shares of Convertible Preferred Stock for an aggregate purchase price of $90,000,000.