REG - BioPharma Credit PLC - BIOGEN SETTLEMENT

Biopharma CreditAnnouncement

02/04/2025 14:45

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RNS Number : 3964D  BioPharma Credit PLC  02 April 2025

2 April 2025

 

BioPharma Credit plc

 

(the "Company")

 

biogen settlement

 

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor,
is pleased to announce it has received a US$8.25 million settlement payment
from Biogen Inc. ("Biogen"), representing the Company's portion of the US$16.5
million settlement agreement entered into with Biogen (the "Settlement
Agreement").

 

In May 2023, the Company entered into a loan agreement alongside a private
fund also managed by Pharmakon Advisors, LP (the "Private Fund") with Reata
Pharmaceuticals, Inc. ("Reata"), which was subsequently acquired by Biogen in
September 2023.  In April 2024, the Company and the Private Fund filed a
lawsuit in New York courts against Biogen and Reata with respect to a dispute
about fees payable under the terms of the loan agreement.  The Settlement
Agreement represents the final resolution of this dispute.  Assuming
approximately $1.25 million in legal and other related expenses payable by the
Company, the Company expects an additional net US$7 million in revenue from
this settlement payment.

 

 

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

+44 (0) 333 300 1932

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. 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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