BioPharma Credit PLC - life sciences debt investment trust - Pablo Legorreta, co-founder of Pharmakon Advisors, the company's investment manager, will sell 55.0 million shares in BioPharma, a 4.0% stake. The sale will be conducted immediately by JP Morgan Cazenove as an accelerated book building process to institutional investors. At the current market price, the sale would be worth about USD56 million. Legorreta, who also is founder & chief executive officer of Royalty Pharma, will retain 21.7 million shares, a 1.6% stake. BioPharma Credit will receive no proceeds, as the sale is of existing shares.
Current stock price: USD1.01, down 0.5% on Wednesday
12-month change: up 3.1%
By Tom Waite; thomaslwaite@alliancenews.com
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Biopharma Cred. (BPCR)