BIOPHARMA CREDIT PLC

Capital/Financing Update • Sep 5, 2024

National Storage Mechanism | Additional information

RNS Number : 9556C

BioPharma Credit PLC

05 September 2024

BioPharma Credit PLC

5 September 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

UPDATE RE COLLEGIUM PHARMACEUTICAL, INC.

Pharmakon Advisors, LP, the investment manager of   the Company, notes the announcement released Wednesday 4 September by Collegium Pharmaceutical, Inc. ("Collegium") regarding the successful closing of its acquisition of Ironshore Therapeutics Inc. (the "Acquisition"). 

The Company announced on 30 July 2024 the entering into by Collegium of the definitive agreement with respect to the Acquisition, as well as the second amendment and restatement of its loan agreement entered into with the Company, BioPharma Credit Investments V (Master) LP ("BioPharma-V"), and BPCR Limited Partnership (the "2nd A&R Loan Agreement") to assist in financing the Acquisition.

The 2nd A&R Loan Agreement provided for a US$645.8 million senior secured term loan, consisting of a US$320.8 million initial term loan ("Tranche A") and a US$325.0 million delayed draw term loan ("Tranche B") to fund the Acquisition. Tranche A was used to refinance in full all outstanding indebtedness of Collegium as of the signing of the 2nd A&R Loan Agreement, of which the Company was already invested at 50 per cent. of Tranche A. In connection with the successful closing of the Acquisition, the Company funded its allocated 40 per cent. of Tranche B, in the amount of US$130 million, with BioPharma-V also funding its allocated 60 per cent. of Tranche B, in the amount of US$195 million. The Company also received its allocation of the Tranche B additional consideration of 2.25 per cent. of the Tranche B funding, in the amount of US$ 2.925 million.

Enquiries:

BioPharma Credit plc

via   Link Company Matters Limited

Company Secretary

+44 (0)1392 477 509

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