BioPharma Credit PLC NEW INVESTMENT (2582T)
March 24 2021 - 2:00AM
UK Regulatory
TIDMBPCR
RNS Number : 2582T
BioPharma Credit PLC
24 March 2021
24 MARCH 2021
BIOPHARMA CREDIT PLC
NEW INVESTMENT
BioPharma Credit PLC (the "Company"), is pleased to announce
that it, through its fully owned subsidiary, together with
BioPharma Credit Investments V (Master) LP ("BioPharma-V" and
jointly with the Company the "Lenders") has entered into a US$300
million definitive senior secured loan agreement with LumiraDx
Investment Limited (the "Borrower") and LumiraDx Group Limited (the
"Parent" and jointly with the Borrower, "LumiraDx"). The Company
will invest US$150 million and BioPharma-V will invest an
additional US$150 million.
Based in the UK, LumiraDx is a next-generation point of care, or
POC, diagnostic company addressing the current limitations of
legacy POC systems by bringing lab-comparable performance to the
POC in minutes, on a single instrument for a broad menu of tests
with a low cost of ownership. To date, LumiraDx has developed and
launched four diagnostic tests for use with its platform: a
SARS-CoV-2 ("COVID-19") antigen test commercially available under
an Emergency Use Authorization in the United States, or EUA, and a
CE Mark in the European Economic Area, as well as a SARS-CoV-2
antibody test, an International Normalized Ratio, or INR, test, and
a D-Dimer test, all of which are CE Marked. LumiraDx has also used
its technology to develop two rapid COVID-19 reagent testing kits
for use on open molecular systems, LumiraDx SARS-CoV-2 RNA STAR and
SARS-CoV-2 RNA STAR Complete, both of which obtained EUA.
During 2020 LumiraDx commenced commercial sales of its
SARS-CoV-2 antigen test in Europe and the United States to
customers, including the U.K. National Health Service, or NHS, and
CVS Pharmacy, Inc., or CVS, and started roll out of a program to
supply Instruments and a significant number of SARS-COV-2 antigen
test strips to Africa as part of a collaboration with the Bill
& Melinda Gates Foundation. LumiraDx is supported by
institutional investors, including the Bill & Melinda Gates
Foundation, Morningside Ventures, and U.S. Boston Capital
Corporation.
Under the terms of the transaction, the Company will invest
US$150 million in a single drawing and BioPharma-V will invest
US$150 million in parallel, with the Company acting as collateral
agent. The loan will mature in March 2024 and will bear interest at
8.00 per cent. per annum along with an additional consideration of
2.50 per cent. of the loan amount payable upon funding plus an
additional 1.50 per cent. of the loan payable at maturity. The
Lenders will also be receiving warrants as part of the
financing.
"We are pleased to partner with LumiraDx in this transaction",
said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "Led
by a highly experienced management team, LumiraDx is ideally
positioned to help meet the need for accurate and timely diagnostic
information, starting with the immediate needs created by the
COVID-19 pandemic and continuing with additional tests."
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 500
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 specialist debt investor
to the life sciences industry and joined the LSE in 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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