Pharmakon Advisors, an affiliate of Royalty Pharma, expanded stage biopharmaceutical company Epizyme‘s loan facility with an additional $150 million.
Epizyme and Pharmakon Advisors originally executed their agreement in November 2019, in conjunction with the company’s funding agreement with Royalty Pharma.
As part of the original loan agreement, Epizyme drew down $70 million to fund the regulatory milestones owed to Eisai for the new drug application submissions and U.S. Food and Drug Administration approvals of TAZVERIK for epithelioid sarcoma and follicular lymphoma. The expansion of the loan facility was contingent upon approval of TAZVERIK for follicular lymphoma and subject to mutual agreement. Based on its current plans and projections, and following closing of the amended and restated agreement, Epizyme believes that its existing cash, cash equivalents and marketable securities will fund the company’s operations into at least 2023.
“The decision to expand our loan with Pharmakon was a strategic one, designed to further strengthen our balance sheet and fund a number of critical growth initiatives for Epizyme, including continued TAZVERIK commercial execution, ongoing and planned tazemetostat development in new indications and combination regimens, and advancing our research efforts and early pipeline,” Robert Bazemore, president and CEO of Epizyme, said. “Pharmakon is a supportive partner, and we believe this additional capital extends our operating runway out several years, reducing the need for an additional financing in the foreseeable future.”
“Pharmakon is deeply committed to supporting innovative biotechnology companies in order to advance important medicines for patients in need,” Martin Friedman, managing member of Pharmakon Advisors, said. “We believe strongly in both the near- and long-term therapeutic potential of TAZVERIK and the opportunity of Epizyme’s pipeline to impact many patients. We are pleased to further support the company with the additional funding to fuel their future growth.”
