BioPharma Credit LSE/CISEA IPO

Overview:

• BioPharma Credit has undertaken an IPO on the LSE and the Channel Islands Securities Exchange (CISEA).
• The shares were admitted to trading on the Specialist Fund Segment of the Main Market of the LSE and to listing and trading on the Official List of the CISEA.
• The fund raised $761.9 million through the listing, exceeding the initial target of $300 million.
• The deal saw the company issued an initial 373.3 million shares, before meeting the demand of the tender offer and issuing an additional 338.6 million shares.
• JPMorgan Cazenove and Goldman Sachs acted as joint bookrunners.
• BioPharma Credit is a closed ended investment fund focused on investing in the life sciences industry.
• According to Herbert Smith Freehills, the fund will launch with two pools of seed assets through: (i) a limited partnership interest in one of Pharmakon's existing funds; and (ii) a loan to Royalty Pharma Select, a fund managed by Pharmakon's affiliate, Royalty Pharma, secured against the right to receive a proportion of royalty payments from 21 pharmaceutical products.
• The fund is managed by Pharmakon Advisors.

Sam Duke - Editor