BioPharma Credit enters into loan agreement with subsidiary for Immunocore
(Alliance News) – BioPharma Credit PLC announced on Monday that it has entered into a definitive secured loan agreement with its wholly owned subsidiary BioPharma Credit Investments V Master LP for Immunocore Ltd.
The Exeter-based life sciences debt investor said it would invest up to $50.0 million in the biopharmaceutical company, while its subsidiary will match the pledge.
Half of BioPharma’s investment was drawn on November 8, with the remaining USD 25 million to be drawn by June 20, 2024. BioPharma V will invest USD 50 million in parallel, with BioPharma acting as collateral agent.
Immunocore currently markets the KIMMTRAK treatment for metastatic uveal melanoma, which is a rare form of eye cancer. KIMMTRAK was approved by the US Food & Drug Administration on January 26 and by the EU on April 4.
KIMMTRAK generated $40.4 million in sales during the third quarter of 2022.
The loan will mature in November 2028 and will bear interest at 9.75% per annum for the first tranche, followed by 8.75% per annum above the benchmark overnight rate guaranteed for three months for the second installment.
This is in addition to an additional consideration of 2.5%, which was paid for the first tranche at the time of the financing and will be payable for the second tranche either at the time of the financing or at the expiry of the commitment.
BioPharma shares were flat at 82.84 pence each in London on Monday morning.
By Greg Rosenvinge; [email protected]
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