BioPharma Credit PLC STATEMENT RE REATA PHARMACEUTICALS (6415H)

TIDMBPCR

RNS Number : 6415H

BioPharma Credit PLC

31 July 2023

BioPharma Credit PLC

31 JULY 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

STATEMENT RE REATA PHARMACEUTICALS

Pharmakon Advisors, LP, the investment manager of the Company, notes the announcement released Friday 28 July by Biogen Inc. ("Biogen") regarding the definitive agreement pursuant to which Biogen will acquire Reata Pharmaceuticals Inc. ("Reata") for an enterprise value of approximately US$7.3 billion (the "Transaction"). Biogen and Reata currently anticipate that the Transaction will close in the fourth quarter of 2023.

The Company announced on 11 May 2023 an investment in a senior secured loan to Reata of up to US$137.5 million in up to four tranches. As of today, the Company had funded the first two tranches representing a US$62.5 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 two-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 September 2023, the Company would be expected to receive approximately US$15.5 million in prepayment and make-whole fees.

Enquiries:

BioPharma Credit plc

   via   Link Company Matters Limited 

Company Secretary

[phone]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

STRFLFFTDDIIVIV

(END) Dow Jones Newswires

July 31, 2023 02:00 ET (06:00 GMT)