BioPharma Credithas announced that it has entered into a definitive senior secured loan agreement with ImmunoGen along with BioPharma Credit Investments V. The company will invest up to $62.5m and BioPharma-V will invest up to an additional $62.5m in parallel.
$37.5m was drawn at closing in the first tranche and up to an additional $25.0m may be drawn by 31 March 2024. The loan will mature in April 2028 and will bear interest at 3-month SOFR plus 8.0% per annum subject to a 2.75% floor, along with an additional consideration of 2.0%. 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.
Based in the US, ImmunoGen is a publicly traded biopharmaceutical company with a current market capitalisation of US$870m. ImmunoGen currently markets ELAHERE (mirvetuximab soravtansine) in the US, a treatment for FRα positive platinum-resistant ovarian cancer following its accelerated approval by the FDA on 14 November 2022.
BPCR : BioPharma Credit lends to ImmunoGen