2nd Apr 2025 15:19
(Alliance News) - BioPharma Credit PLC on Wednesday said it has received a USD8.3 million settlement payment from Biogen Inc as the final resolution of a loan dispute.
The London-based investment company, focused on the life sciences sector, said it expects net USD7.0 million revenue from the payment, assuming USD1.3 million in legal and other expenses.
BioPharma said the payment represents its portion of the USD16.5 million settlement agreement with Biogen.
In May 2023, BioPharma entered a loan agreement alongside private fund Pharmakon Advisors LP with Reata Pharmaceuticals Inc, which was subseuqently bought by Biogen.
In April 2024, BioPharma and Pharmakon filed a lawsuit in New York against Biogen and Reata relating to a dispute about fees payable under the agreement.
BioPharma Credit shares were flat at 89 US cents on Wednesday afternoon in London. Shares in Biogen were up 0.3% at USD132.34 in New York.
By Michael Hennessey, Alliance News reporter
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