UPDATE ON INVESTMENT

BioPharma Credit PLC
01 July 2024
 

1 July 2024

 

BIOPHARMA CREDIT PLC

 

UPDATE ON INVESTMENT

 

BioPharma Credit PLC (LSE: BPCR) (the "Company") makes reference to its announcements on (i) 2 January 2024 (the "Previous Announcement") regarding LumiraDx Limited ("LumiraDx"), the appointment of the joint administrators of two LumiraDx subsidiaries (the "Administrators"), and the entering into by the Administrators of a sale and purchase agreement (the "SPA") with Roche Diagnostics Limited ("Roche") providing for Roche's acquisition of certain LumiraDx group companies (the "Point of Care Diagnostics Companies") and certain related assets (the "Transaction"); and (ii) 28 May 2024 regarding the update on the UK CMA (Competition and Markets Authority) website regarding the Transaction.

 

LumiraDx has informed the Company that the "Long-Stop Date" under the SPA to complete the Transaction has been extended to 31 August 2024 (the "Extension"). In connection with the Extension, the Senior Secured Lenders (as referenced in the Previous Announcement) have agreed to provide up to an additional US$20 million in funding, comprised of up to US$10 million as needed for each of July and August 2024, for the LumiraDx group until the completion of the Transaction to support the ongoing operations of LumiraDx's Point of Care Diagnostics Companies (the "Additional Funding", and together with the Extension, the "Amendments"). Under the terms of the Amendments, Roche has further agreed to reimburse the Senior Secured Lenders for up to 70% of the Additional Funding, with a cap of US$7 million for each of July and August 2024. The Company has committed up to US$10 million in connection with the Additional Funding.

 

The Transaction continues to undergo the process to receive antitrust and regulatory reviews. At this time, Pharmakon Advisors, LP cannot comment beyond what has been made public by the CMA and the companies involved in the transaction.  

 

Pharmakon Advisors, LP is continuing to actively monitor the situation and will provide any updates in due course.

 

 

Enquiries

Burson Buchanan

David Rydell / Mark Court / Jamie Hooper / Henry Wilson

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com

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.

 

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 rns@lseg.com 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
 
 
UK 100

Latest directors dealings