BioPharma Credit highlights yesterday’s announcement that Paratek has completed its purchase of OPTN. In connection with this, BioPharma Credit received $82.8m, $71.5m was the repayment of the loan it had made to OPTN and $11.3m came as ‘make-whole’ and prepayment fees, and accrued interest. There is another $1.6m to come in connection with the company’s stake in OPTN’s shares.
BioPharma Credit and BioPharma Credit Investments V (Master) LP have entered into a new senior secured loan agreement with Paratek alongside funds managed by Oaktree Capital Management, L.P. and Q Aspen LLC (a wholly owned subsidiary of Qatar Investment Authority).
Paratek is a privately held pharmaceutical company providing innovative specialty therapies for specialists and community care providers, addressing important medical and public health threats. Paratek’s lead product, NUZYRA (omadacycline), is a once-daily oral and intravenous antibiotic indicated for adults with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). Paratek became a private company in 2023 when it was acquired by B-FLEXION and Novo Holdings for a total transaction consideration of up to $462m. Paratek’s last publicly reported 12-month trailing sales as of June 2023 were $177m, with $152m of that coming from NUZYRA®.
BioPharma Credit and BioPharma-V are each lending S$25m to Paratek. The total senior secured loan facility is $275m. Oaktree and QIA funded the balance. Since Paratek is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the company’s other investments.
BPCR : BioPharma Credit lends to Paratek as it cashes out its OPTN position
