AEON Biopharma Announces Execution of Exchange Agreement with Daewoong
Rhea-AI Summary
AEON Biopharma (NYSE: AEON) announced a definitive exchange with Daewoong on Dec 15, 2025 converting $15 million of convertible notes plus accrued interest into new equity, $1.5 million of new notes due 2030, and a cash‑exercise warrant for 8 million common shares. The warrants, if exercised, could provide over $8 million of additional cash proceeds. The transaction is subject to stockholder approval and is expected to eliminate more than 90% of AEON’s outstanding debt, altering the company’s capital structure and Daewoong’s strategic alignment with AEON.
Positive
- Eliminates more than 90% of outstanding debt
- Includes 8 million cash‑exercise warrants (> $8M potential proceeds)
- Converts $15 million debt into equity, reducing leverage
- New notes of $1.5 million due 2030 provide rollover liquidity
Negative
- Consummation is conditional on stockholder approval
- Issuance of new equity and warrants will dilute existing shareholders if exercised
- Replacement $1.5M notes add new debt maturing in 2030
News Market Reaction
On the day this news was published, AEON gained 5.10%, reflecting a notable positive market reaction. Argus tracked a peak move of +28.5% during that session. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $632K to the company's valuation, bringing the market cap to $13M at that time. Trading volume was elevated at 2.0x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
AEON gained 8.17% while close peers were mixed: DWTX up 6.23%, but APRE, CSCI, PCSA and RNAZ down between roughly 1–8%, pointing to a stock-specific move rather than a sector-wide rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Financing & FDA timing | Positive | -12.8% | First PIPE closing and FDA Type 2a meeting rescheduling update. |
| Nov 14 | Earnings & strategy | Positive | -3.8% | Q3 update with positive biosimilarity data and major deleveraging plan. |
Recent positive financing and development updates have coincided with negative short-term price reactions, suggesting a tendency for the stock to sell off on good news.
Over the past month, AEON has focused on financing and advancing its ABP-450 biosimilar strategy. On Nov 14, 2025, Q3 results highlighted positive biosimilarity data, a proposed Daewoong note exchange expected to cut debt by >90%, and a $6 million PIPE, yet shares fell 3.77%. On Nov 20, 2025, AEON reported a first PIPE closing of about $1.79 million and an FDA Type 2a meeting update, with a 12.79% decline. Today’s executed exchange agreement formalizes that deleveraging plan.
Market Pulse Summary
The stock moved +5.1% in the session following this news. A strong positive reaction aligns with the deleveraging focus of this exchange, which targets elimination of more than 90% of outstanding debt and introduces over $8 million in potential warrant proceeds. Prior financing and ABP-450 updates on Nov 14 and Nov 20 saw negative moves despite constructive news, so a sustained rerating would depend on execution, shareholder approval of the exchange, and continued progress on the Botox biosimilar pathway.
Key Terms
convertible notes financial
cash-exercise warrant financial
biosimilar medical
onabotulinumtoxinA medical
AI-generated analysis. Not financial advice.
- AEON and Daewoong Pharmaceutical have executed definitive documentation to exchange
- Exchange remains subject to shareholder approval -
IRVINE, Calif., Dec. 15, 2025 (GLOBE NEWSWIRE) -- AEON Biopharma, Inc. (“AEON” or the “Company”) (NYSE American: AEON), a biopharmaceutical company seeking accelerated and full-label U.S. market entry by developing ABP-450 (prabotulinumtoxinA) as a BOTOX (onabotulinumtoxinA) biosimilar, today announced that the Company and Daewoong Pharmaceutical (“Daewoong”) have entered into a definitive agreement to exchange the Company’s
“We are pleased to report the signing of definitive documentation for our exchange of Daewoong’s existing AEON-issued debt,” said Rob Bancroft, President & Chief Executive Officer of AEON. “While the transaction remains subject to a shareholder vote, this is an impotant step forward in deleveraging the company and we believe sets the stage for continued progress for our ABP-450 biosimiliar strategy in 2026.”
Previously, AEON and Daewoong entered into a binding term sheet contemplating the Exchange. The parties have now completed the definitive documentation for the Exchange, which documentation aligns with the terms agreed upon in the binding term sheet. The consummation of the Exchange remains subject to stockholder approval.
The Exchange will result in the elimination of more than
About the U.S. Biosimilar Pathway
The U.S. Food and Drug Administration (“FDA”) regulates biosimilars under the Public Health Service Act’s 351(k) pathway, which require developers to demonstrate that a proposed product is highly similar to an approved reference biologic with no clinically meaningful differences in safety, purity, or potency. Analytical similarity is the scientific foundation of this process, representing the most critical and data-intensive phase of development. Once analytical comparability across key quality attributes is established, subsequent FDA interactions focus on confirming whether any residual uncertainty requires limited clinical evaluation.
About AEON Biopharma
AEON Biopharma is a biopharmaceutical company seeking accelerated and full-label access to the U.S. therapeutic neurotoxin market via biosimilarity to BOTOX. The U.S. therapeutic neurotoxin market exceeds
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or AEON’s future financial or operating performance. For example, statements regarding expected meetings with the FDA or the expected benefits of AEON’s previously announced PIPE transaction are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "plan", "possible", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by AEON and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited ) the ability of the Company to obtain stockholder approval for the Exchange and the ability of the Company to satisfy other closing conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (the "SEC"), which are available on the SEC’s website at www.sec.gov.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. AEON does not undertake any duty to update these forward-looking statements.
No Offer or Solicitation
This press release shall not constitute a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release is not intended to nor does it constitute an offer to sell or purchase, nor a solicitation of an offer to sell, buy or subscribe for any securities, nor is it a solicitation of any vote in any jurisdiction pursuant to the proposed exchange transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Additional Information and Where to Find It
This press release may be deemed to be solicitation material in respect of obtaining stockholder approval in connection with the Exchange. In connection with obtaining stockholder approval, the Company expects to file a proxy statement on Schedule 14A and other relevant materials with the SEC. This press release does not constitute a solicitation of any vote or approval. SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY ALL RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC, INCLUDING THE COMPANY’S PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE EXCHANGE AGREEMENT AND THE TRANSACTIONS CONTEMPLATED THEREBY, INCLUDING THE EXCHANGE. Copies of the proxy statement and other relevant materials and any other documents filed by the Company with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, stockholders may obtain free copies of the proxy statement and other relevant materials through the website maintained by the SEC at http://www.sec.gov. or by directing a request to: AEON Biopharma, Inc., 5 Park Plaza, Suite 1750, Irvine, CA 92614 or via email at investor.relations@aeonbiopharma.com.
Participants in the Solicitation
The Company and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the stockholder approval needed for the Exchange. Information about the directors and executive officers of the Company is set forth in the Company's Schedule 14A filed with the SEC on April 29, 2025. Other information regarding the persons who may be deemed participants in the proxy solicitations in connection with the Exchange, and a description of any interests that they have in the Exchange, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Stockholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
Contacts
Investor Contact:
Laurence Watts
New Street Investor Relations
+1 619 916 7620
laurence@newstreetir.com
Source: AEON Biopharma
FAQ
What did AEON announce on December 15, 2025 regarding Daewoong debt (AEON)?
How much potential cash would AEON receive if the 8 million Daewoong warrants are exercised (AEON)?
Does the AEON‑Daewoong exchange require shareholder approval (AEON)?
How will the exchange affect AEON’s debt levels and capital structure (AEON)?
What new debt remains after the AEON exchange with Daewoong (AEON)?
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