(Alliance News) - Life sciences debt investor BioPharma Credit PLC said Wednesday it has entered into a definitive senior secured term loan agreement with Global Blood Therapeutics Inc.
Alongside BioPharma Credit Investments V LP, the company will invest USD82.5 million in two tranches and BioPharma Credit Investments will invest an additional USD67.5 million.
The loan will mature in December 2025 and bear an interest rate of Libor plus 7.0% per annum.
Pedro Gonzalez de Cosio, chief executive of BioPharma's investment manager, Pharmakon Advisors LP, said: "We are pleased to partner with Global Blood Therapeutics in this transaction. 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."
Global Blood Therapeutics is a publicly traded, biopharmaceutical company with a market capitalisation of USD4.43 billion. The company recently obtained US Food & Drug Administration approval for its first product, Oxbryta (voxelotor) for the treatment of sickle cell disease in adults and pediatric patients 12 years of age and older. As of September 30, GBT reported cash, cash-equivalents and marketable securities of USD683 million.
Shares in BioPharma Credit closed 0.5% higher in London on Wednesday at USD1.02 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Biopharma Cred. (BPCR)