AEON Biopharma shares surge 19.21% intraday as debt restructuring with Daewoong ties to BLA submission and $30M financing milestones.

AEON Biopharma surged 19.21% intraday following its debt restructuring agreement with Daewoong Pharmaceuticals, which converted $15 million in secured convertible notes into 23.1 million shares and a new $1.5 million senior secured convertible note. The transaction, contingent on shareholder approval, includes warrants exercisable at $1.0939 per share and ties the note’s conversion to key milestones: a $30 million "Qualified Financing" or a public Biologics License Application (BLA) filing for ABP-450. While the restructuring introduces significant dilution and restrictive terms, the market likely interpreted the deal as stabilizing AEON’s balance sheet and aligning with regulatory progress for its lead asset. The BLA linkage underscores investor optimism about ABP-450’s regulatory pathway, driving the sharp intraday rally.