24 April 2024
BIOPHARMA
CREDIT PLC
(THE
"COMPANY")
NEW
INVESTMENT OF UP TO US$100 MILLION
BioPharma Credit PLC (LSE:
BPCR), the specialist life sciences debt investment trust, is
pleased to announce that it, through its fully owned subsidiary,
together with BioPharma Credit Investments V (Master)
LP ("BioPharma-V" and jointly with the Company, the "Lenders")
has entered into a definitive senior secured loan agreement
with Tarsus Pharmaceuticals, Inc. ("Tarsus"). The Company
will invest up to US$100 million and BioPharma-V will
invest up to an additional US$100 million in parallel, with
the Company acting as collateral agent.
Based in
the US, Tarsus is a publicly traded
biopharmaceutical company with a current market capitalization
of ~US$1.2 billion (Ticker: TARS - NASDAQ). Tarsus
currently markets XDEMVY® (lotilaner ophthalmic solution), a
treatment for Demodex blepharitis. XDEMVY® was approved in the US
in July 2023 and generated net sales of US$14.7 million during
2023, of which $13.1 million were generated in the fourth quarter
of 2023. Tarsus is also developing TP-03 as
an investigational therapy for the treatment of Meibomian Gland
Disease, TP-04 for the treatment of rosacea and TP-05 as an oral
tablet for the prevention of Lyme disease, all of which are in
Phase 2.
Under the terms of the transaction,
the Company will invest up to US$100 million across four
tranches:
· Tranche A of US$37.5 million was drawn on 19 April
2024;
· Tranche B of US$12.5 million will be available to be drawn at
the election of Tarsus until 31 December 2024;
· Tranche C of US$25 million will be available upon achievement
of certain revenue thresholds until 30 June 2025;
· Tranche D of US$25 million will be available upon achievement
of certain revenue thresholds until 31 December 2025.
The loan will mature in April
2029 and will bear interest at 3-month SOFR plus 6.75 per cent. per
annum subject to a 3.75 per cent. SOFR floor.
Pedro Gonzalez de Cosio, CEO
of Pharmakon Advisors, LP, the Company's investment adviser
said:
"The Tarsus team is driving
extraordinary success with the launch of XDEMVY®, and we are excited to support
the company and management team as they continue growing to
profitability and develop additional indications for
lotilaner."
Enquiries
Buchanan
David Rydell / Mark Court
/ Jamie Hooper / Henry Wilson
+44 (0) 20 7466 5000
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.