- PTC Therapeutics, a NASDAQ-listed company, has formed a strategic partnership with Blackstone
- Strategic financing will aid in the acceleration of PTC’s robust and diverse pipeline
PTC Therapeutics, a NASDAQ-listed company, has formed a strategic partnership with Blackstone. The funds will be used by PTC Therapeutics to provide transformative medicines to patients worldwide. PTC will receive an initial $500 million commitment from funds managed by Blackstone Life Sciences and Blackstone Credit as part of the collaboration, including $350 million in low-cost, low-dilution capital at close.
According to Emily Hill, PTC Therapeutics’ Chief Financial Officer, strategic financing will aid in the acceleration of PTC’s robust and diverse pipeline, business development opportunities, and general corporate purposes.
The transaction includes $300 million in senior secured debt at 7.25%, $50 million in PTC common stock, and $150 million in delayed draw debt for up to 18 months.
Subject to mutual agreement between Blackstone and PTC, the transaction will include $500 million in potential credit facility or other investment capital to support business development opportunities.
With $234 billion in AUM, Blackstone Credit is one of the world’s largest credit-focused asset managers. Blackstone Life Sciences invest in companies and products throughout their life cycle in key life science sectors.
PTC is a multinational commercial and diverse biopharmaceutical company. The customized senior secured term loan investment by Blackstone is collateralized by Translarna™, Emflaza®, Upstaza®, sepiapterin, and vatiquinone.
Blackstone’s customised senior secured term loan investment is backed by collateral of brands of PTC, namely TranslarnaTM, Emflaza®, Upstaza®, sepiapterin, and vatiquinone.
PTC total revenues were $217.1 million in the third quarter of 2022, compared to $138.7 million in the third quarter of 2021, representing a 57% year-over-year increase.
Translarna’s net product revenues in the third quarter of 2022 were $76.6 million, up from $67.2 million in the third quarter of 2021.
Emflaza’s net product revenues in the third quarter of 2022 were $54.8 million, up from $47.1 million in the third quarter of 2021.
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