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BioPharma Credit gets USD50.6 million from Abbvie's ImmunoGen purchase

13th Feb 2024 10:13

(Alliance News) - BioPharma Credit PLC on Tuesday noted Abbvie Inc's completed acquisition of ImmunoGen Inc.

BioPharma Credit is a London-based closed-ended investment company.

It said it has received USD50.6 million in total, including USD13.1 million of accrued interest, as a result of the transaction.

This comes after BioPharma Credit invested in a senior secured loan to ImmunoGen of up to USD62.5 million in up to two tranches last April.

The investment firm's announcement follows a statement from Chicago, Illinois-based pharmaceutical company, AbbVie on Monday in which it stated it had completed the acquisition of ImmunoGen, adding flagship antibody-drug conjugate Elahere for ovarian cancer to its portfolio.

It also reaffirmed its 2024 adjusted diluted earnings per share guidance range of USD11.05 to USD11.25 which now includes a USD0.42 per share dilutive impact related to the ImmunoGen acquisition and the pending Cerevel Therapeutics acquisition.

It also revised its first-quarter adjusted diluted EPS guidance range from between USD2.30 and USD2.34 to between USD2.26 and USD2.30, which includes a USD0.04 per share dilutive impact related to the ImmunoGen acquisition.

In November, AbbVie had announced the USD10.1 billion acquisition of ImmunoGen, worth USD31.26 per share. ImmunoGen is a Massachusetts, US-based biotechnology firm.

Shares in BioPharma were untraded at 73.20 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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