Global Blood Therapeutics entered into a $150 million loan agreement with funds managed by Pharmakon Advisors, a global life sciences investment firm and manager of the BioPharma Credit funds.
“This non-dilutive loan provides us with the financial flexibility to advance the discovery and development of potential novel treatments for sickle cell disease and other grievous blood-based conditions without diverting financial resources from the launch of our first medicine Oxbryta, which was approved by the U.S. Food and Drug Administration last month,” said Jeff Farrow, chief financial officer of GBT.
The non-dilutive loan agreement provides GBT with a $150 million term loan. The first $75 million will be drawn in connection with the close of the transaction, and an additional tranche of $75 million is available for GBT to draw at its option until December 31, 2020. The loan matures in December 2025 and can be prepaid at GBT’s discretion, at any time, subject to prepayment fees.
“GBT is revolutionizing the sickle cell disease treatment landscape by developing and delivering therapies that have the potential to modify the course of this lifelong genetic condition,” said Martin Friedman, principal of Pharmakon Advisors. “We’re proud to support GBT’s important work to develop novel treatments that can help the millions of people around the world with sickle cell disease and other inherited blood disorders.”
GBT is a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments that provide hope to underserved patient communities.
