UPDATE RE COLLEGIUM PHARMACEUTICAL, INC.
05/09/2024 07:00
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RNS Number : 9556C BioPharma Credit PLC 05 September 2024
BioPharma Credit PLC
5 September 2023
BIOPHARMA CREDIT PLC
(THE "COMPANY")
UPDATE RE COLLEGIUM PHARMACEUTICAL, INC.
Pharmakon Advisors, LP, the investment manager of the Company, notes the
announcement released Wednesday 4 September by Collegium Pharmaceutical, Inc.
("Collegium") regarding the successful closing of its acquisition of Ironshore
Therapeutics Inc. (the "Acquisition").
The Company announced on 30 July 2024 the entering into by Collegium of the
definitive agreement with respect to the Acquisition, as well as the second
amendment and restatement of its loan agreement entered into with the Company,
BioPharma Credit Investments V (Master) LP ("BioPharma-V"), and BPCR Limited
Partnership (the "2(nd) A&R Loan Agreement") to assist in financing the
Acquisition.
The 2(nd) A&R Loan Agreement provided for a US$645.8 million senior
secured term loan, consisting of a US$320.8 million initial term loan
("Tranche A") and a US$325.0 million delayed draw term loan ("Tranche B") to
fund the Acquisition. Tranche A was used to refinance in full all outstanding
indebtedness of Collegium as of the signing of the 2(nd) A&R Loan
Agreement, of which the Company was already invested at 50 per cent. of
Tranche A. In connection with the successful closing of the Acquisition, the
Company funded its allocated 40 per cent. of Tranche B, in the amount of
US$130 million, with BioPharma-V also funding its allocated 60 per cent. of
Tranche B, in the amount of US$195 million. The Company also received its
allocation of the Tranche B additional consideration of 2.25 per cent. of the
Tranche B funding, in the amount of US$2.925 million.
Enquiries:
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 509
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