BioPharma Credit PLC STATEMENT REGARDING LEXICON PHARMACEUTICALS (6625U)
July 30 2020 - 10:00AM
UK Regulatory
TIDMBPCR
RNS Number : 6625U
BioPharma Credit PLC
30 July 2020
30 JULY 2020
BioPharma Credit plc
(the "Company")
STATEMENT REGARDING LEXICON PHARMACEUTICALS
Pharmakon Advisors, the Investment Manager of BioPharma Credit
PLC (the "Company"), notes the announcement released today by
Lexicon Pharmaceuticals ("Lexicon") regarding the definitive
agreement pursuant to which Lexicon will sell Lexicon's XERMELO(R)
(telotristat ethyl) product and related assets for up to $224
million in upfront and milestone payments to TerSera Therapeutics
LLC.
Lexicon will use the upfront proceeds from the XERMELO sale to
substantially reduce its debt, including full repayment of its $150
million secured term loan, of which the Company owns $124.5
million.
The Lexicon loan has a prepayment premium of 2 per cent. if
prepaid before the fourth anniversary of the relevant closing date
plus, if the prepayment is made before the third anniversary, a
make whole amount equal to the interest payable between the
prepayment date and the third anniversary of the relevant closing
date. The Lexicon loan closed on 4 December 2017.
Lexicon has not announced when they plan to close on the sale of
XERMELO so Pharmakon will continue to monitor the disposal and
update shareholders as appropriate.
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 500
Buchanan
+44 (0)20 7466 5000 / biopharmacredit@buchanan.uk.com
David Rydell
Mark Court
Jamie Hooper
Henry Wilson
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 to achieve this objective primarily through
investments in debt assets secured by royalties or other cash flows
derived from the sales of approved life sciences products.
LEI: 213800AV55PYXAS7SY24
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END
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