The Intellectual Property team advised Pharmakon Advisors on entering into a five-year, up to $250 million senior secured debt facility with Zenas BioPharma, who are developing a bifunctional monoclonal antibody drug product for the treatment of IgG4-related disease (IgG4-RD). The committed capital will be available to Zenas in five tranches with the first $75 million issued at closing, and an additional $175 million available to be drawn and subject to certain obexelimab regulatory and commercial conditions. Investment funds managed by Pharmakon Advisors are entitled to receive mid-single-digit interest payments over the Secured Overnight Financing Rate (SOFR).
Pharmakon Advisors, LP is the investment manager of the BioPharma Credit funds. Established in 2009, Pharmakon has raised a total of US$4.9 billion, principally across five private funds and a publicly traded UK Trust. BioPharma Credit PLC was listed on the London Stock Exchange in March 2017 and has raised a total of $1.4 billion in capital. Pharmakon has committed $9.8 billion across 57 investments in companies in the life sciences.
The Goodwin team was led by Carl Morales, Kevin Grumberg, Maria Smith, Tyler Garaffa, and Katherine Beck.
For more information on the deal, please read the press release.