BioPharma Credit funds Global Blood Therapeutics – BioPharma Credit has entered into a definitive senior secured term loan agreement with Global Blood Therapeutics, Inc. (Nasdaq: GBT) alongside BioPharma Credit Investments V (Master) LP. The company will invest up to US$82.5 million in two tranches and BioPharma-V will invest an additional US$67.5 million.
Global Blood Therapeutics is a publicly traded, biopharmaceutical company focused on innovative treatments that target underserved patient communities. The company has a current market capitalisation of US$4.7 billion. GBT recently obtained FDA approval for its first product, Oxbryta (TM) (voxelotor) for the treatment of sickle cell disease in adults and paediatric patients 12 years of age and older. As of 30 September 2019, GBT reported that it had cash, cash-equivalents and marketable securities of US$683 million.
Under the terms of the transaction, BioPharma Credit will invest up to US$82.5m (US$41.25m in the first tranche and up to an additional US$41.25m by December 31, 2020) and BioPharma-V will invest up to US$67.5m in parallel, with the company acting as collateral agent. The loan will mature in December 2025 and will bear interest at 3-month LIBOR plus 7% a year, subject to a 2% floor. In addition, it will charge an additional one-off consideration of 1.5% of the total loan amount payable upon funding and 2% payable upon the repayment of the loan.
BPCR : BioPharma Credit funds Global Blood Therapeutics