BioPharma Credit PLC New Investment (3303X)
December 18 2019 - 6:15AM
UK Regulatory
TIDMBPCR
RNS Number : 3303X
BioPharma Credit PLC
18 December 2019
BIOPHARMA CREDIT PLC
("BIOPHARMA CREDIT" OR THE "COMPANY")
NEW INVESTMENT
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences
debt investor, is pleased to announce that it has entered into a
definitive senior secured term loan agreement with Global Blood
Therapeutics, Inc. (Nasdaq: GBT) alongside BioPharma Credit
Investments V (Master) LP ("BioPharma-V"). The Company will invest
up to US$82.5 million in two tranches and BioPharma-V will invest
an additional US$67.5 million.
Global Blood Therapeutics is a publicly traded,
biopharmaceutical company focused on innovative treatments that
provide hope to underserved patient communities with a current
market capitalization of US$4.7 billion. GBT recently obtained FDA
approval for its first product, Oxbryta (TM) (voxelotor) for the
treatment of sickle cell disease in adults and pediatric patients
12 years of age and older. As of 30 September 2019, GBT reported
cash, cash-equivalents and marketable securities of US$683
million.
Under the terms of the transaction, the Company will invest up
to US$82.5m (US$41.25m in the first tranche and up to an additional
US$41.25m by December 31, 2020) and BioPharma-V will invest up to
US$67.5m in parallel, with the Company acting as collateral agent.
The loan will mature in December 2025 and will bear interest at
3-month LIBOR plus 7.00 per cent. per annum subject to a 2.00 per
cent. floor along with a one-time additional consideration of 1.50
per cent. of the total loan amount payable upon funding and an
additional 2.00 per cent. payable upon the repayment of the
loan.
"We are pleased to partner with Global Blood Therapeutics in
this transaction", said Pedro Gonzalez de Cosio, CEO of Pharmakon
Advisors, LP. "Led by an excellent management team, Global Blood
Therapeutics is bringing to market a first-in-class therapeutic
that is a new treatment option for an underserved patient
population suffering from a lifelong inherited blood disorder".
Link Company Matters Limited
Company Secretary
18 December 2019
Enquiries:
Buchanan
David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson
+44 (0)20 7466 5000
Biopharmacredit@buchanan.uk.com
Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor
in debt from the life sciences industry and joined the LSE on 27
March 2017. The Company seeks to provide long-term shareholder
returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company seeks this objective primarily through investments in debt
assets secured by royalties or other cash flows derived from the
sales of approved life sciences products.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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