24th Apr 2024 10:29
(Alliance News) - BioPharma Credit PLC on Wednesday announced it entered into a secured loan agreement with Tarsus Pharmaceuticals Inc.
The London-based life sciences debt investment trust said the loan will mature in April 2029 and from then begin accruing interest.
Tarsus, a Californian biopharmaceutical company, currently markets its Xdemvy treatment for demodex blepharitis which in 2023 generated net sales of USD14.7 million.
Alongside this, Tarsus is developing treatments for meibomian gland disease and rosacea, both of which are now undergoing phase two studies.
Payments are to be made across four tranches with the first payment of USD37.5 million paid on April 19. Three further instalments totalling USD62.5 million are scheduled up until December 31, 2025.
In line with the agreement, New York-based BioPharma Credit Investments V LP will in parallel invest an additional USD100 million.
BioPharma Credit shares were untraded and quoted at 70.40 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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