BioPharma Credit PLC New Investment (8686W)
December 13 2019 - 8:35AM
UK Regulatory
TIDMBPCR
RNS Number : 8686W
BioPharma Credit PLC
13 December 2019
BIOPHARMA CREDIT PLC
("BIOPHARMA CREDIT" OR THE "COMPANY")
NEW INVESTMENT
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences
debt investor, is pleased to announce that it has entered into a
definitive senior secured term loan agreement with Sarepta
Therapeutics, Inc. (Nasdaq: SRPT) alongside BioPharma Credit
Investments V (Master) LP ("BioPharma-V"). The Company will invest
up to US$350 million in two tranches and BioPharma-V will invest up
to an additional US$150 million.
Sarepta Therapeutics is a publicly traded, fully integrated
biopharmaceutical company focused on precision genetic medicine
with a current market capitalization of US$7.5 billion. Sarepta is
at the forefront of precision genetic medicine, having built an
impressive and competitive position in Duchenne muscular dystrophy
(DMD) and more recently in gene therapies for Limb-girdle muscular
dystrophy diseases (LGMD), MPS IIIA and other CNS-related
disorders, totaling over 20 therapies in various stages of
development. The Company's programs and research focus span several
therapeutic modalities, including RNA, gene therapy and gene
editing.
Under the terms of the transaction, the Company will invest up
to US$350 million (US$175 million in the first tranche and up to an
additional US$175 million by 31 December, 2020) and BioPharma-V
will invest up to US$150 million in parallel with the Company
acting as collateral agent. The loan will mature in December 2023
and will bear interest at 8.50 per cent. per annum along with a
one-time additional consideration of 1.75 per cent. of the total
loan amount payable upon funding and an additional 2.00 per cent.
payable upon the repayment of the loan.
Sarepta currently markets Exondys 51 (eteplirsen) in the US for
the treatment of Duchenne muscular dystrophy (DMD) in patients who
have a confirmed mutation of the DMD gene that is amenable to exon
51 skipping. Third quarter 2019 revenues of Exondys 51 were US$99.0
million, a 26% increase over the same quarter in 2018. Last night
Sarepta announced the FDA approval of Vyondys 53 (golodirsen), its
second RNA exon-skipping treatment for DMD approved in the U.S. and
that commercial distribution of Vyondys 53 in the U.S. will
commence immediately. As of 30 September, 2019 Sarepta reported
US$1.1 billion in cash, cash equivalents and investments.
"We are pleased to partner with Sarepta in this transaction",
said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "We
believe that Sarepta is well on its way to becoming a leader in
precision genetic medicine with an excellent management team, two
commercial products in the U.S., and an exciting clinical
development program that will one day offer patients additional
treatments for rare genetic diseases".
Link Company Matters Limited
Company Secretary
13 December 2019
Enquiries:
Buchanan
David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson
+44 (0)20 7466 5000
Biopharmacredit@buchanan.uk.com
Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor
in debt from the life sciences industry and joined the LSE on 27
March 2017. The Company seeks to provide long-term shareholder
returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company seeks this objective primarily through investments in debt
assets secured by royalties or other cash flows derived from the
sales of approved life sciences products.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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