STATEMENT RE IMMUNOGEN, INC.
01/12/2023 07:00
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RNS Number : 3667V BioPharma Credit PLC 01 December 2023
1 December 2023
BIOPHARMA CREDIT PLC
(THE "COMPANY")
STATEMENT RE ImmunoGen, Inc.
Pharmakon Advisors, LP, the investment manager of the Company, notes the
announcement released Thursday 30 November 2023 by AbbVie Inc. ("AbbVie")
regarding the definitive agreement pursuant to which AbbVie will acquire
ImmunoGen, Inc. ("IMGN") for a total equity value of approximately US$10.1
billion (the "Transaction"). AbbVie and IMGN currently anticipate that the
Transaction will close in the middle of 2024.
The Company announced on 11 April 2023 an investment in a senior secured loan
to IMGN of up to US$62.5 million in up to two tranches. As of today, the
Company had funded the first tranche representing a US$37.5 million
investment. The loan is expected to be prepaid upon the closing of the
Transaction. Pursuant to the senior secured loan agreement, in connection with
the Transaction and the repayment of outstanding principal, the Company is
expected to receive a make-whole payment for the remainder of the three-year
make-whole period along with a prepayment premium of 3%, in each case with
respect to the principal repaid. For illustrative purposes, if the Transaction
were to close on 30 June 2024, the Company would be expected to receive
approximately US$14.5 million in prepayment and make-whole fees.
Enquiries
Buchanan
David Rydell / Mark Court / Jamie Hooper / Henry Wilson
+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. BioPharma Credit
PLC seeks to provide long-term shareholder returns, principally in the form
of sustainable income distributions from exposure to the life sciences
industry. BioPharma Credit PLC 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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