11th Apr 2023 08:16
(Alliance News) - BioPharma Credit PLC on Tuesday said it has agreed a senior secured loan deal to invest up to USD125.0 million in ImmunoGen Inc, including investment from BioPharma Credit Investment V (Master) LP.
The specialist life sciences debt investment trust said it will invest up to USD62.5 million via its fully owned subsidiary, while a further up to USD62.5 million will be invested by BioPharma V.
ImmunoGen is a New York-listed biopharmaceutical company currently marketing ovarian cancer treatment Elahere in the US.
It has a market capitalisation of USD872.5 million.
Under the terms of the transaction, BioPharma Credit will invest up to USD62.5 million, of which USD37.5 million was drawn at closing in the first tranche and up to an additional USD25.0 million may be drawn by March 31, 2024.
BioPharma Credit said the loan will mature in April 2028 and will bear interest at three-month secured overnight financing rate plus 8.00% per year, subject to a 2.75% floor, along with an additional consideration of 2.00%.
The additional consideration with respect to the first tranche was paid at funding and will be due and payable with respect to the second tranche either at the funding of the second tranche or upon expiration of the second tranche commitment, BioPharma Credit said.
We are excited to partner with ImmunoGen as it continues to advance in its mission. Led by a highly experienced management team, ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients by generating targeted therapies with enhanced anti-tumour activity and favourable tolerability profiles," said Pedro Gonzalez de Cosio, chief executive officer of BioPharma Credit's investment adviser Pharmakon Advisors LP.
By Greg Rosenvinge, Alliance News reporter
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