IN BRIEF: BioPharma Credit notes AbbVie takeover of investee ImmunoGen
1st Dec 2023 09:45
BioPharma Credit PLC - specialist life sciences debt investment trust - Funds first USD37.5 million tranche of secured senior loan, announced in April, of up to two tranches worth up to USD62.5 million for ImmunoGen Inc. AbbVie Inc on Thursday announced its acquisition of ImmunoGen for total equity value of USD10.1 billion. AbbVie and ImmunoGen expect the purchase to close in the middle of 2024. Under the senior secured loan agreement, BioPharma expects a make-whole payment and a 3% prepayment premium. For example, "if the transaction were to close on [June 30, 2024], the company would be expected to receive approximately USD14.5 million in prepayment and make-whole fees." Read More