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Pin to quick picksBiopharma Cred. Share News (BPCR)

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BioPharma Credit is an Investment Trust

To generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry.

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BioPharma Credit, BioPharma V agree USD125 million loan for ImmunoGen

Tue, 11th Apr 2023 08:16

(Alliance News) - BioPharma Credit PLC on Tuesday said it has agreed a senior secured loan deal to invest up to USD125.0 million in ImmunoGen Inc, including investment from BioPharma Credit Investment V (Master) LP.

The specialist life sciences debt investment trust said it will invest up to USD62.5 million via its fully owned subsidiary, while a further up to USD62.5 million will be invested by BioPharma V.

ImmunoGen is a New York-listed biopharmaceutical company currently marketing ovarian cancer treatment Elahere in the US.

It has a market capitalisation of USD872.5 million.

Under the terms of the transaction, BioPharma Credit will invest up to USD62.5 million, of which USD37.5 million was drawn at closing in the first tranche and up to an additional USD25.0 million may be drawn by March 31, 2024.

BioPharma Credit said the loan will mature in April 2028 and will bear interest at three-month secured overnight financing rate plus 8.00% per year, subject to a 2.75% floor, along with an additional consideration of 2.00%.

The additional consideration with respect to the first tranche was paid at funding and will be due and payable with respect to the second tranche either at the funding of the second tranche or upon expiration of the second tranche commitment, BioPharma Credit said.

We are excited to partner with ImmunoGen as it continues to advance in its mission. Led by a highly experienced management team, ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients by generating targeted therapies with enhanced anti-tumour activity and favourable tolerability profiles," said Pedro Gonzalez de Cosio, chief executive officer of BioPharma Credit's investment adviser Pharmakon Advisors LP.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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24 Oct 2018 11:33

BioPharma Credit Increases Placing Size To USD200 Million (ALLISS)

LONDON (Alliance News) - BioPharma Credit PLC said Wednesday it increased the size of its proposed placing to "at least" USD200 million due to strong investor demand.Last Friday,

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24 Oct 2018 09:02

BioPharma Credit increases placing following 'strong investor demand'

(Sharecast News) - BioPharma Credit has increased the size of its proposed placing to "at least" $200m on the back of investor demand that exceeded its original target.

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19 Oct 2018 11:26

BioPharma Credit To Raise USD150 Million Via Placing (ALLISS)

LONDON (Alliance News) - BioPharma Credit PLC said Friday it intends to raise USD150 million via share placing.The company will issue 146.3 million shares at USD1.025 per share, a 2.9% to a

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27 Sep 2018 12:43

BioPharma Credit Interim Net Asset Value Flat, Income Rises Sharply

LONDON (Alliance News) - BioPhamra Credit PLC on Thursday reported a sharp rise in income in the first halfIn the six months ended June, the life sciences debt investment trust increased to

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20 Sep 2018 13:31

BioPharma Credit Loans USD150 Million To Amicus Therapeutics

LONDON (Alliance News) - BioPharma Credit PLC said Thursday that it has loaned USD150 million to Amicus Therapeutics Inc, a rare metabolic disease-focused biopharmaceutical company.Under in

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2 Jul 2018 12:55

BioPharma Funds USD200 Million TESARO Loan Alongside Other Investors

LONDON (Alliance News) - BioPharma Credit PLC said Monday it has funded, alongside other investors, the USD200 million second tranche of a USD500 million loan to TESARO Inc.The company and

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4 May 2018 12:26

Pablo Legorreta Doubles BioPharma Credit Stake To 7.1% (ALLISS)

LONDON (Alliance News) - BioPharma Credit PLC said Friday Pablo Legorreta doubled his stake in the pharmaceutical debt investor in a transaction on Monday.Legorreta - the founder and chief

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2 May 2018 16:51

Pharmaceutical Investors Cuts BioPharma Credit Stake Below 3% (ALLISS)

LONDON (Alliance News) - Life-science focused debt investor BioPharma Credit PLC said on Wednesday Pharmaceutical Investors LP sold shares in the company on Tuesday.After the transaction a

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1 May 2018 16:26

BioPharma Invests USD194 Million In US Pharma Firm Sebela

LONDON (Alliance News) - BioPharma Credit PLC said Tuesday that it has invested USD194 million in a unit of US-based Sebela Pharmaceuticals Inc.The life science-focused debt investor has a

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23 Apr 2018 13:06

BioPharma Credit To Invest USD191 Million In Pharmaceutical Developer

LONDON (Alliance News) - Life science-focused debt investor BioPharma Credit PLC said on Monday it has become the lead investor and collateral agent for a USD315.0 million loan to an unnamed will

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8 Mar 2018 12:21

BioPharma Credit To Raise USD300 Million As Net Asset Value Rises (ALLISS)

LONDON (Alliance News) - Life sciences debt investor BioPharma Credit PLC said Thursday it has had a "highly successful" 2017 and announced a share issue to raise on

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