BioPharma Credit backs UroGen Pharma – BioPharma Credit has together with BioPharma Credit Investments V (Master) LP entered into a definitive loan agreement with respect to a senior secured loan to UroGen Pharma, Inc., guaranteed by its parent, UroGen Pharma Ltd. BioPharma Credit will invest up to $50.0m and BioPharma-V will invest up to an additional $50.0m.
Based in Israel and the US, UroGen is a publicly traded biotech company dedicated to creating novel solutions that treat urothelial and specialty cancers. Currently, it has a market capitalisation of $134m. UroGen, a commercial stage biotech company, reported net sales of $32m during the first nine months of 2021. UroGen markets JELMYTO® (mitomycin), a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC).
Under the terms of the transaction, the company will invest $37.5m in the first tranche and up to an additional $12.5m by 31 December 2022, with BioPharma-V investing in parallel, and with the company acting as collateral agent.
The loan will mature in March 2027 and will bear interest at 3-month LIBOR plus 8.25% per annum subject to a 1.25% floor along with a one-time additional consideration of 1.75% of the total loan amount payable upon funding of the first tranche.
BPCR : BioPharma Credit backs UroGen Pharma