Date: 2015-05-01
Type of information: Loan
Company: Oxford Biomedica (UK)
Investors: Oberland Capital Healthcare (USA - NY)
Amount: $50 million
Funding type: loan
Planned used: The funds will be used to invest in Oxford Biomedica’s capacity expansion to enable it to deliver on commitments under its manufacturing agreement with Novartis and for pipeline advancements and product acquisitions.
Others: * On May 1, 2015, Oxford BioMedica, a leading gene and cell therapy group, announces that it has secured a $50 million loan facility from a subsidiary of Oberland Capital Healthcare. $25 million of the loan will be drawn down immediately, with the remaining funds available to be drawn down in minimum tranches of $5 million at the Group’s option prior to 31 December 2016. Oxford BioMedica also has the option to receive any one of the last four tranches as an equity investment rather than a loan. The loan is repayable not later than 1 May 2022 and may be prepaid at any time. Over the course of the loan term, interest is payable quarterly at an annual interest rate of 9.5% plus the greater of 1% and three month LIBOR. In addition to interest, a fee is also payable upon any repayment. Oxford BioMedica would also pay an additional amount of 0.35% of annual worldwide net revenues for eight years commencing 1 April 2017 for each $5 million of loan drawn down over $30 million. This revenue participation may be retired at any time upon payment of an exit fee. The loan facility is secured on the Group’s assets. Following drawdown of the first $25 million tranche, the £5.3 million loan facility provided by the Government’s Advanced Manufacturing Supply Chain Initiative (“AMSCI”) will be terminated and the £3.0 million drawn down to date will be repaid. -Ends-
Therapeutic area: Cancer - Oncology - Rare diseases - Ophtalmological diseases
