BioPharma Credit PLC on Wednesday said it has agreed a senior secured loan with Precigen Inc to lend up to $62.5 million.
The London-based closed-ended investment company focused on the life sciences industry said it will invest up to $62.5 million while wholly-owned subsidiary BioPharma Credit Investments V (Master) LP will lend up to a further $62.5 million.
Precigen is a commercial-stage biopharmaceutical company, which specialises in the advancement of precision medicines to address difficult-to-treat diseases with a high unmet patient need.
Precigen’s recently approved zopapogene imadenovec-drba, brand name Papzimeos, is the first approved therapy for the treatment of adults with recurrent respiratory papillomatosis.
Recurrent respiratory papillomatosis is a rare disease caused by a chronic human papillomavirus 6 or 11 infection, which causes recurrent benign tumours in the respiratory tract.
BioPharma said it will invest up to $62.5 million across two tranches. The first tranche of $50 million was drawn on Wednesday, and the second tranche of $12.5 million is available to be drawn by the end of June 2027.
The loan will mature in September 2030 and will bear interest at the three-month secured overnight financing rate plus 6.5% per year, subject to a minimum SOFR of around 3.8%.
‘The Precigen team is working towards a robust US commercialization of Papzimeos, a groundbreaking novel immunotherapy and we look forward to supporting the company and management team as they expand to international markets and pursue pediatric and additional HPV-related indications,’ said Pedro Gonzalez de Cosio, chief executive officer of Pharmakon Advisors LP, which is BioPharma’s investment adviser.
Shares in BioPharma Credit were up 0.2% at 66.63 pence each in London on Wednesday afternoon.
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