BioPharma Credit PLC New Investments (1812T)
13 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMBPCR
RNS Number : 1812T
BioPharma Credit PLC
13 November 2019
BIOPHARMA CREDIT PLC
("BIOPHARMA CREDIT" OR THE "COMPANY")
NEW INVESTMENTS
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences
debt investor, is pleased to announce that it has entered into two
separate loan agreements where BPCR will invest US$52.5 million now
and up to an additional US$32.5 million over the next twelve
months.
Epizyme, Inc.
On 4 November 2019, BPCR entered into a definitive senior
secured term loan agreement for up to US$70 million with Epizyme,
Inc. (Nasdaq: EPZM) a late-stage biopharmaceutical company
developing novel epigenetic therapies with a current market
capitalisation of approximately US$1.4 billion ("Epizyme"). This
investment was made alongside BioPharma Credit Investments V
(Master) LP ("BioPharma-V"), a private fund also investing in life
sciences debt managed by Pharmakon Advisors. The Company's share of
the transaction will be up to US$35.0 million (50 per cent. of the
overall financing) and the Company will initially invest US$12.5
million. In addition, the loan facility is expandable by up to
US$300 million, subject to mutual agreement between BPCR and
Epizyme.
The loan will mature in November 2024 and will bear interest at
LIBOR plus 7.75 per cent. per annum along with a one-time
additional consideration of 2.00 per cent. of the total loan
amount. Epizyme's lead product, tazemetostat, is a first-in-class,
oral EZH2 inhibitor in clinical development for certain oncology
indications, including epithelioid sarcoma and follicular lymphoma.
Prior to tazemetostat obtaining FDA approval, the loan will be over
collateralized with cash. Epizyme has filed for accelerated
approval for tazemetostat with the US FDA. Tazemetostat's
application has received a Priority Review designation and the US
FDA target action date is 23 January 2020. As of 30 September 2019,
Epizyme had US$292.9 million in cash, cash equivalents and
marketable securities. On 4 November 2019, Royalty Pharma, an
affiliate of Pharmakon Advisors, announced an agreement to purchase
future royalties on tazemetostat net sales outside of Japan owned
by Eisai Co. for US$330 million and a separate US$100 million
equity investment directly in Epizyme. Pablo Legorreta, a principal
of Pharmakon and RP management was named to the Epizyme board of
directors.
Akebia, Inc.
On 11 November 2019, BPCR entered into a definitive senior
secured term loan agreement for up to US$100 million with Akebia,
Inc. (Nasdaq: AKBA) a fully integrated biopharmaceutical company
focused on the development and commercialization of therapeutics
for people living with kidney disease with a current market
capitalisation of approximately US$460 million ("Akebia"). This
investment was also made alongside BioPharma-V. The Company's share
of the transaction will be up to US$50.0 million (50 per cent. of
the overall financing) and the Company will initially invest
US$40.0 million.
The loan will mature in November 2024 and will bear interest at
LIBOR plus 7.50 per cent. per annum along with a one-time
additional consideration of 2.00 per cent. of the total loan
amount. Akebia currently markets Auryxia(R) (ferric citrate) which
is approved in the US for hyperphosphatemia (elevated phosphorus
levels in blood serum) in adult patients with chronic kidney
disease (CKD) on dialysis and iron deficiency anemia in adult
patients with CKD not on dialysis. Akebia is developing a
late-stage product candidate called vadadustat which is being
studied for anemia due to CKD in both dialysis and non-dialysis
patients. During the quarter ended 30 June 2019, Akebia reported
Auryxia(R) revenue of US$29.1 million, a 26 per cent. sequential
increase from the previous quarter. As of 30 June 2019, Akebia had
US$136.8 million of cash and liquid investments.
"We are pleased to partner with Epizyme and Akebia", said Pedro
Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "Both companies
are led by excellent management teams and manufacture products that
are life-saving therapies."
Link Company Matters Limited
Company Secretary
13 November 2019
Enquiries:
Buchanan
David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson
+44 (0)20 7466 5000
Biopharmacredit@buchanan.uk.com
Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor
in debt from the life sciences industry and joined the LSE on 27
March 2017. The Company seeks to provide long-term shareholder
returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company seeks this objective primarily through investments in debt
assets secured by royalties or other cash flows derived from the
sales of approved life sciences products.
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END
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