29th May 2019 09:34
LONDON (Alliance News) - Life sciences debt investor BioPharma Credit PLC has advanced up to USD80 million to a US-based investee, and also bought some of the company's shares, it said Wednesday.
BioPharma has loaned the money to Nasdaq-listed BioDelivery Sciences International Inc, a commercial-stage specialty pharmaceutical firm.
Some of BioDelivery's products include Belbuca, a partial opioid treatment for severe pain, and Symproic, a treatment for opioid-induced constipation. In 2019, it has guided for revenue of between USD92 million to USD100 million, from USD51.4 million in 2018.
The first tranche of USD60 million has already been provided, with the remaining USD20 million to be drawn by May 2020 at the discretion of BioDelivery Sciences.
The loan matures May 2025, with interest of LIBOR plus 7.5%, and is secured on "substantially" all of the investee's assets.
BioPharma has bought 5.0 million shares in BioDelivery Sciences at USD5.00 each, totalling USD25 million, its first interest in the company. BioDelivery has around 87.4 million shares in issue, meaning BioPharma's stake is worth approximately 5.7%.
BioPharma's shares were trading flat at USD1.04 in London on Wednesday.
Related Shares:
Biopharma Cred.