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 the agreement, the life sciences investment trust will invest USD150 million in a senior secured loan with a term of five years, with 2.0% additional consideration and bears interest LIBOR plus 7.5% subject to a floor of 1.0%.
The funding will be completed from the assets attributable to the C shares of the company only.
Amicus intends to use the proceeds of the financing for business development and general corporate purposes, including commercial operations for the launch of GALAFOLD for Fabry disease, and progressing its clinical program in Pompe disease.
Shares in BioPharma Credit were up 1.4% at USD1.10 on Thursday.
Biopharma Cred. (BPCR)