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BioPharma Credit provides senior loan to Immunocore

WPCT-backed Immunocore enters Phase I with lead GSK project

BioPharma Credit (BPCR) has announced that, together with BioPharma Credit Investments V, it has entered into a senior secured loan agreement with Immunocore Limited. BPCR will invest up to US$50m and BioPharma-V will also invest up to an additional US$50m.

Based in the UK, Immunocore is a publicly traded biopharmaceutical company with a current market capitalization of approximately US$2.9bn (it is listed on NASDAQ under the ticker IMCR). Immunocore currently markets KIMMTRAK (tebentafusp-tebn), a treatment for metastatic uveal melanoma, a rare form of eye cancer. Approved by the FDA on 26 January 2022 and the EU on 4 April 2022, KIMMTRAK generated US$40.4m in sales during the third quarter of 2022.

Under the terms of the transaction, BPCR will invest up to US$50.0m. The first tranche of US$25m was drawn on 8 November 2022. Immunocore can also draw up to an additional US$25m million by 30 June 2024. BioPharma-V will invest up to US$50m in parallel with BPCR. BPCR is acting as collateral agent.

The loan will mature in November 2028 and will bear interest at 9.75% per annum for the first tranche and 3-month SOFR plus 8.75% per annum subject to a 1.00% floor for the second tranche, along with an additional consideration of 2.50%. The additional consideration with respect to the first tranche was paid at funding and will be due and payable with respect to the second tranche either at the funding of the second tranche or upon expiration of the second tranche commitment.

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