BioPharma Credit to Invest $ 150 Million in Senior Secured Loan Agreement with LumiraDx
BioPharma Credit (BPCR) announces that it, through its wholly-owned subsidiary, in collaboration with BioPharma Credit Investments V (Master) LP (“BioPharma-V” and together with the Company the “Lenders”) entered into a definitive senior secured loan agreement of US $ 300 million with LumiraDx Investment and LumiraDx Group. BPCR will invest $ 150 million and BioPharma-V will invest an additional $ 150 million.
COVID-19 antibody tests part of LumiraDx’s stable
UK-based LumiraDx is a next-generation POC or point-of-service diagnostic company that addresses the current limitations of existing POC systems by bringing comparable performance from the lab to POC in minutes, on one instrument for a large menu of tests with a low cost of ownership. To date, LumiraDx has developed and released four diagnostic tests for use with its platform: a commercially available COVID-19 antigen test under an Emergency Use Clearance in the United States, or EUA, and a CE mark in the European Economic Area, as well as COVID-19 antibody test, international standardized report test or INR and D-Dimer test, all CE marked. LumiraDx has also used its technology to develop two rapid COVID-19 reagent test kits for use on open molecular systems, LumiraDx SARS-CoV-2 RNA STAR and SARS-CoV-2 RNA STAR Complete, both of which have obtained l ‘USA.
During 2020, LumiraDx began commercial sale of its COVID-19 antigen tests in Europe and the United States to customers including the UK National Health Service, or NHS, and CVS Pharmacy, Inc., or CVS, and began rolling out a program to deliver Instruments and a significant number of COVID-19 antigen test strips to Africa as part of a collaboration with the Bill & Melinda Gates Foundation. LumiraDx is backed by institutional investors including the Bill & Melinda Gates Foundation, Morningside Ventures and US Boston Capital Corporation.
Under the terms of the transaction, BPCR will invest $ 150 million in a single drawdown and BioPharma-V will invest $ 150 million in parallel, with BPCR acting as collateral agent. The loan will mature in March 2024 and will bear interest at the rate of 8.0% per annum as well as an additional consideration of 2.5% of the amount of the loan payable upon financing plus an additional 1.5% of the loan payable at the time of financing. ‘due date. Lenders will also receive warrants as part of the financing.
Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors (responsible for BPCR), noted: “We are delighted to partner with LumiraDx in this transaction. Led by a highly experienced management team, LumiraDx is uniquely positioned to help meet the need for accurate and timely diagnostic information, starting with the immediate needs created by the COVID-19 pandemic and continuing with additional testing. “
BPCR is a specialist debt investor for the life sciences industry and joined LSE in March 2017. The company seeks to provide long-term returns to shareholders, primarily in the form of sustainable income distributions from exposure to the life science industry. BPCR seeks to achieve this objective primarily by investing in debt assets secured by royalties or other cash flows from the sale of approved life science products.
BPCR: BioPharma Credit to invest $ 150 million in senior secured loan agreement with LumiraDx
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