BioPharma Credit to loan USD100 million to Tarsus Pharmaceuticals

(Alliance News) - BioPharma Credit PLC on Wednesday announced it entered into a secured loan ...

Alliance News 24 April, 2024 | 9:29AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - BioPharma Credit PLC on Wednesday announced it entered into a secured loan agreement with Tarsus Pharmaceuticals Inc.

The London-based life sciences debt investment trust said the loan will mature in April 2029 and from then begin accruing interest.

Tarsus, a Californian biopharmaceutical company, currently markets its Xdemvy treatment for demodex blepharitis which in 2023 generated net sales of USD14.7 million.

Alongside this, Tarsus is developing treatments for meibomian gland disease and rosacea, both of which are now undergoing phase two studies.

Payments are to be made across four tranches with the first payment of USD37.5 million paid on April 19. Three further instalments totalling USD62.5 million are scheduled up until December 31, 2025.

In line with the agreement, New York-based BioPharma Credit Investments V LP will in parallel invest an additional USD100 million.

BioPharma Credit shares were untraded and quoted at 70.40 pence each in London on Wednesday morning.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
BioPharma Credit Ord 0.88 USD -0.23

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures