BioPharma Credit PLC STATEMENT RE IMMUNOGEN, INC. (3667V)

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RNS Number : 3667V

BioPharma Credit PLC

01 December 2023

1 December 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

STATEMENT RE ImmunoGen, Inc.

Pharmakon Advisors, LP, the investment manager of the Company, notes the announcement released Thursday 30 November 2023 by AbbVie Inc. ("AbbVie") regarding the definitive agreement pursuant to which AbbVie will acquire ImmunoGen, Inc. ("IMGN") for a total equity value of approximately US$10.1 billion (the "Transaction"). AbbVie and IMGN currently anticipate that the Transaction will close in the middle of 2024.

The Company announced on 11 April 2023 an investment in a senior secured loan to IMGN of up to US$62.5 million in up to two tranches. As of today, the Company had funded the first tranche representing a US$37.5 million investment. The loan is expected to be prepaid upon the closing of the Transaction. Pursuant to the senior secured loan agreement, in connection with the Transaction and the repayment of outstanding principal, the Company is expected to receive a make-whole payment for the remainder of the three-year make-whole period along with a prepayment premium of 3%, in each case with respect to the principal repaid. For illustrative purposes, if the Transaction were to close on 30 June 2024, the Company would be expected to receive approximately US$14.5 million in prepayment and make-whole fees.

Enquiries

Buchanan

David Rydell / Mark Court / Jamie Hooper / Henry Wilson

[phone]

[e-mail]

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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December 01, 2023 02:00 ET (07:00 GMT)