BioPharma Credit PLC said on Monday it has entered into a definitive senior secured loan agreement with its fully-owned subsidiary BioPharma Credit Investments V Master LP for Immunocore Ltd.
The Exeter-based life sciences debt investor said it will invest up to $50.0 million in the biopharmaceutical company, while its subsidiary will match the commitment.
Half of BioPharma’s investment was drawn on November 8, with the remaining $25 million to be drawn by June 20, 2024. BioPharma V’s will invest $50 million in parallel, with BioPharma acting as collateral agent.
Immunocore currently markets the KIMMTRAK treatment for metastatic uveal melanoma, which is a rare form of eye cancer. KIMMTRAK was approved by the US Food & Drug Administration on January 26 and by the EU on April 4.
KIMMTRAK generated $40.4 million in sales during the third quarter of 2022.
The loan will mature in November 2028, bearing interest of 9.75% per year for the first tranche, followed by 8.75% per year above the three-month secured overnight financing rate benchmark for the second tranche.
This is alongside an additional consideration of 2.5%, which was paid for the first tranche at funding and will be payable for the second tranche either at its point of funding or upon the commitment’s expiration.
Shares in BioPharma were flat at 82.84 pence each in London on Monday morning.
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