In QuotedData’s morning briefing 28 June 2022:
- Pharmakon Advisors, the investment manager of BioPharma Credit (BPCR) says that it notes the announcement released yesterday by Ipsen regarding its planned purchase of Epizyme Inc. BioPharma Credit has a $110m investment in a senior secured loan to Epizyme which would be prepaid upon the closing of the deal. The loan was made in four different tranches with each tranche having a different prepayment economics. Depending on the actual timing of the prepayment, the fund would be expected to receive between $3m to $7m in prepayment and make-whole fees. [This is good news for the fund. For a fuller explanation of the upside to BioPharma Credit of being repaid early we suggest you watch last Friday’s interview with the fund’s manager.]
- Apax Global Alpha (APAX) says that it will commit $700m to the new Apax XI Fund. The commitment is expected to be split 70:30 between the USD and Euro tranches of the fund. Apax XI will invest in buyout opportunities globally across four core sectors: technology, services, healthcare and internet/consumer.
We also have an acquisition update from NextPower III ESG, the private fund backed by NextEnergy Solar