UPDATE ON INVESTMENT
01/07/2024 07:00
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RNS Number : 4799U BioPharma Credit PLC 01 July 2024
1 July 2024
BIOPHARMA CREDIT PLC
UPDATE ON INVESTMENT
BioPharma Credit PLC (LSE: BPCR) (the "Company") makes reference to its
announcements on (i) 2 January 2024 (the "Previous Announcement") regarding
LumiraDx Limited ("LumiraDx"), the appointment of the joint administrators of
two LumiraDx subsidiaries (the "Administrators"), and the entering into by the
Administrators of a sale and purchase agreement (the "SPA") with Roche
Diagnostics Limited ("Roche") providing for Roche's acquisition of certain
LumiraDx group companies (the "Point of Care Diagnostics Companies") and
certain related assets (the "Transaction"); and (ii) 28 May 2024 regarding the
update on the UK CMA (Competition and Markets Authority) website regarding the
Transaction.
LumiraDx has informed the Company that the "Long-Stop Date" under the SPA to
complete the Transaction has been extended to 31 August 2024 (the
"Extension"). In connection with the Extension, the Senior Secured Lenders (as
referenced in the Previous Announcement) have agreed to provide up to an
additional US$20 million in funding, comprised of up to US$10 million as
needed for each of July and August 2024, for the LumiraDx group until the
completion of the Transaction to support the ongoing operations of LumiraDx's
Point of Care Diagnostics Companies (the "Additional Funding", and together
with the Extension, the "Amendments"). Under the terms of the Amendments,
Roche has further agreed to reimburse the Senior Secured Lenders for up to 70%
of the Additional Funding, with a cap of US$7 million for each of July and
August 2024. The Company has committed up to US$10 million in connection with
the Additional Funding.
The Transaction continues to undergo the process to receive antitrust and
regulatory reviews. At this time, Pharmakon Advisors, LP cannot comment beyond
what has been made public by the CMA and the companies involved in the
transaction.
Pharmakon Advisors, LP is continuing to actively monitor the situation and
will provide any updates in due course.
Enquiries
Burson 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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