REG - BioPharma Credit PLC - UPDATE ON INVESTMENT

Biopharma CreditAnnouncement

01/11/2024 07:00

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RNS Number : 5084K  BioPharma Credit PLC  01 November 2024

BioPharma Credit PLC

1 November 2024

 

 

 

 

BIOPHARMA CREDIT PLC

 

(THE "COMPANY")

 

UPDATE ON INVESTMENT

 

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment
trust, is pleased to announce an additional investment in Insmed Incorporated
("Insmed").  The Company announced on 20 October 2022 a US$350 million senior
secured loan to Insmed, with the Company investing US$140 million and
BioPharma Credit Investments V (Master) LP ("BioPharma-V") investing US$210
million.  The Company is investing US$60 million in a new US$150 million
tranche, with BioPharma-V investing US$90 million.  Together with the accrual
and capitalization of the partial paid-in-kind interest, the Company's total
exposure to Insmed will be approximately US$223.5 million.

 

Based in the US, Insmed is a publicly traded biopharmaceutical company with a
current market capitalization of ~US$12 billion (Ticker: INSM - NASDAQ).
Insmed, a commercial stage global biopharmaceutical company striving to
deliver first- and best-in-class therapies to transform the lives of patients
facing serious diseases, reported trailing nine-month net sales of US$259
million during the period ending 30 September 2024 and USD$1.468 billion in
cash and marketable securities as of 30 September 2024.  Insmed is advancing
a diverse portfolio of approved and mid- to late-stage investigational
medicines as well as cutting-edge drug discovery focused on serving patient
communities where the need is greatest. Insmed's most advanced programs are in
pulmonary and inflammatory conditions.

 

In addition to the new tranche, certain amendments were made to the Insmed
loan, including extending the maturity to September 2029, resetting the
make-whole period to three years from the amendment date, reducing the
interest rate from 3-month SOFR plus 7.75 per cent. per annum to a fixed rate
of 9.60 per cent. per annum, and adding a 2.00 per cent. exit fee payable upon
any payment of principal, scheduled or otherwise.  A one-time additional
consideration of 2.00 per cent. of the second tranche was paid on the funding
of the second tranche.

Enquiries

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Samuel Adams

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.com)

Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor to the life
sciences industry and joined the LSE in March 2017. The Company seeks to
provide long-term shareholder returns, principally in the form of sustainable
income distributions from exposure to the life sciences industry. The Company
seeks to achieve this objective primarily through investments in debt assets
secured by royalties or other cash flows derived from the sales of approved
life sciences products.

 

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