(Alliance News) - Life sciences-focused investor BioPharma Credit PLC on Friday said it alongside BioPharma Credit Investments V will loan USD450 million to US-based biopharmaceutical company Sarepta Therapeutics Inc.
The loan agreement will see Biopharma Credit invest up to USD175 million in the first tranche and up to an additional USD175 million in the second tranche by December 31, 2020. BioPharma-V will invest up to USD150 million with the company acting as collateral agent.
The loan will run until December 2023 and will bear an annual interest of 8.5% along with a one-time additional consideration of 1.75% of the total loan amount payable upon funding and an additional 2% payable upon the repayment of the loan.
BioPharma Credit shares were up 0.6% at USD1.00 on Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Biopharma Cred. (BPCR)