2nd May 2024 13:14
(Alliance News) - BioPharma Credit PLC on Thursday announced a major investment in a Swiss cancer treatment specialist.
The London-based investment company, focused on the life sciences sector, has entered into a senior secured loan agreement with Novocure Luxembourg Sarl, a subsidiary of Novocure Ltd.
BioPharma will invest up to USD200 million into Novocure, a Root, Switzerland-based developer of ancer therapies, with its subsidiary BioPharma Credit Investments V investing a further USD200 million in parallel.
The investment will comprise four tranches of USD50 million each, the final being available in March 2026 subject to the achievement of certain milestones.
Novocure boasts a number of oncology therapeutics, including its proprietary Tumor Treating Fields platform and Optune Gio, approved for the treatment of adults with newly diagnosed glioblastoma in the US, EU, UK and Japan.
The loan will mature in May 2029, and will bear interest at a 3-month secured overnight financing rate plus 6.25% per annum.
"We are excited to once again partner with Novocure as it continues to advance in its mission," Chief Executive Officer Pedro Gonzalez de Cosio said.
Shares in BioPharma were down 0.2% at USD0.88 each in London on Thursday.
By Hugh Cameron, Alliance News reporter
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