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Midcap Financial provides $23mm loan to BioCryst

Executive Summary

Midcap Financial provided BioCryst Pharmaceuticals Inc. (developing small-molecule therapies that block key enzymes involved in rare diseases) with a $23mm senior credit facility which bears a variable interest rate based on LIBOR (currently at 8.5%), has an interest-only period through fiscal 2017, and includes scheduled principal and interest payments for the following 40 months. BioCryst can opt to repay the facility at any time prior to the scheduled principal repayment schedule. (It expects to repay the loan with Rapivab-related approval milestones associated with a 2015 deal with Seqirus (formerly bioCSL.) The proceeds should last into early 2018.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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