BioPharma Credit PLC US$ 762 million IPO and admission to trading on the London Stock Exchange, bringing total capital raised by Pharmakon funds to…
BioPharma Credit PLC US$ 762 million IPO and admission to trading on the London Stock Exchange, bringing total capital raised by Pharmakon funds to US$ 2.4 billion
By a News Reporter-Staff News Editor at Biotech Week — – Pharmakon Advisors, LP (“Pharmakon”) is pleased to announce the successful IPO of BioPharma Credit PLC with gross proceeds of US$ 762 million, and its admission to trading on London Stock Exchange (LSE). BioPharma Credit PLC will have US$ 339 million in seed assets, comprised of loans secured by royalties and other cash flows from sales of close to 30 life sciences products, plus an additional US$ 423 million in cash proceeds raised from a broad range of UK and European institutional investors. Offers and sales in the IPO were made outside the United States to non-US persons and privately in the United States to qualified purchasers who are also accredited investors (see also Pharmakon Advisors, Lp).
Pablo Legorreta, Founder and CEO of Royalty Pharma, and Co-Founder of Pharmakon, said, “Our mission is to be the premier provider of debt capital to the life sciences industry. Debt financing for many industries or asset classes is often provided by large, specialized lenders. These lenders understand the unique requirements and risks of that industry, enabling them to provide efficient and flexible debt capital where conventional lenders have not. No large-scale specialized lender currently exists in the $1.1 trillion biopharmaceutical industry, even though it is one of the largest in the world and is a voracious consumer of capital. Biotech companies are increasingly leading innovation in life sciences and historically have been largely funded with equity capital. Building upon our 9-year track record, BioPharma Credit is well positioned to meet the strong demand for flexible debt capital as a specialized lender who understand the industry.”
Pedro Gonzalez de Cosio, Co-Founder and CEO of Pharmakon, added “BioPharma Credit’s IPO brings the total capital raised by Pharmakon managed funds to US$ 2.4 billion, making Pharmakon the largest dedicated provider of debt capital to the life sciences industry. Together with existing capital commitments from other funds we manage, Pharmakon will seek to invest up to US$ 1 billion over the next twelve months in a portfolio of debt instruments backed by approved life sciences products with target investment sizes ranging from US$ 35 to US$ 500 million.”
Keywords for this news article include: Pharmakon Advisors Lp.
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