Shares of pharmaceutical company Bausch Health Companies (NYSE: BHC) were up more than 10% as of 2:30 p.m. ET on Friday after it announced that its Bausch Receivables Funding subsidiary had entered into a $600 million financing facility with global investment firm KKR (NYSE: KKR). The agreement provides access to additional liquidity for roughly five years. Bausch stock is up more than 34% so far this year.

Bausch Health specializes in therapies to treat disorders in gastroenterology, hepatology, neurology, and dermatology. The deal with KKR will give it a lot more flexibility in its operations.

In the first quarter, the company reported revenue of $1.94 billion, up 1%, year over year, but also a net loss of $201 million ($0.55 per share), compared with a net loss of $69 million ($0.19 per share) in the first quarter of 2022. The company also reported that it had cash and equivalents of $531 million on the books at the end of Q1.

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Source Fool.com