Novocure entered into a $150 million term loan agreement with BioPharma Credit, an investment fund managed by Pharmakon Advisors.
Proceeds from the facility will be used to pay in full Novocure’s existing $100 million term loan debt and fund working capital. The agreement improves upon the pricing and terms of Novocure’s existing credit facility with BioPharma Secured Investments III Holdings Cayman and extends the maturity of Novocure’s debt until February 2023.
“Novocure is a global oncology company with a proprietary platform technology, and we are pleased to further strengthen our cash position with non-dilutive capital,” said Wilco Groenhuysen, Novocure’s CFO. “This new credit facility provides us with the financial stability and flexibility to continue to execute our core strategies of driving commercial adoption of Optune and advancing our clinical pipeline.”
Armentum Partners acted as financial advisor to Novocure for the debt transaction. Sidley Austin acted as legal advisor to Novocure.
Novocure is an oncology company developing a profoundly different cancer treatment utilizing a proprietary therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Headquartered in Jersey, the company has U.S. operations in Portsmouth, NH, Malvern, PA and New York City with offices in Germany, Switzerland, Japan and Israel.
