11th May 2023 10:20
(Alliance News) - BioPharma Credit PLC on Thursday announced that it has entered into a definitive senior secured loan agreement with Reata Pharmaceuticals Inc, a Plano, Texas-based pharmaceutical company.
Under the agreement, the specialist life sciences debt investment trust will invest up to USD137.5 million and its wholly-owned subsidiary, BioPharma Credit Investments V (Master) LP, will invest up to USD137.5 million in parallel, acting as a collateral agent.
The investments will be made across four tranches.
"We are excited to partner with Reata as it continues to advance in its mission. Led by a highly experienced management team, Reata continues to focus on developing and commercializing novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways involved in the regulation of cellular metabolism and inflammation," said Martin Friedman, managing member of Pharmakon Advisors LP, the firm's investment adviser.
Reata currently has a market capitalization of USD3.04 billion.
The firm recently received approval in the US for Skyclarys, a medication indicated for the treatment of Friedreich's ataxia, a genetic disease affecting the nervous system. Reata expects to launch Skyclarys in the US later this year.
By Heather Rydings, Alliance News senior economics reporter
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