TESARO Secures $500-Million Financing
TESARO, Inc. recently announced it has entered into a definitive term loan agreement with BIOPHARMA CREDIT PLC and BIOPHARMA CREDIT INVESTMENTS IV SUB LP, investment funds managed by Pharmakon Advisors, LP. The loan facility provides TESARO with up to $500 million of borrowing capacity available in two tranches. The first $300 million is expected to be drawn at an initial closing in early December 2017, and an additional tranche of up to $200 million is available for draw at TESARO’s option until December 20, 2018. The loans will mature in December 2024. Additional information on the loan agreement will be filed with the U.S. Securities and Exchange Commission as a Current Report on Form 8-K.
“This non-dilutive debt facility provides TESARO sufficient funding with favorable terms as we enter into a period of expected substantial revenue generation and continue to execute on our mission of providing transformative therapies to people facing cancer,” said Lonnie Moulder, CEO of TESARO. “We plan to use the proceeds from the financing to strengthen our leading PARP inhibitor franchise in ovarian cancer, further expand the development of ZEJULA in other tumor types in order to help realize its full potential, and rapidly advance our robust immuno-oncology portfolio using combination-based approaches.”
“We are pleased to partner with TESARO in this transaction,” said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. “We believe that TESARO is well on its way to becoming an oncology leader with an excellent management team, portfolio of commercial products with blockbuster potential in their current indications, and an exciting clinical development program that could one day offer patients additional indications for niraparib as well as new immuno-oncology therapies.”
TESARO is an oncology-focused biopharmaceutical company devoted to providing transformative therapies to people bravely facing cancer. For more information, visit www.tesarobio.com and follow us on Twitter and LinkedIn.
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