Dawn Furnas//November 2, 2022//
PTC Therapeutics Inc. has an ambitious goal: To deliver at least one therapy every two to three years to improve patients’ health around the world. But to do so takes funding — a great deal of it.
To support this mission, the South Plainfield biopharmaceutical company entered into a strategic financing collaboration with funds managed by Blackstone Life Sciences and Blackstone Credit that will provide PTC with an initial $500 million commitment, including $350 million in low-cost, low-dilution capital at close, according to an Oct. 27 announcement.
“This strategic financing will support the acceleration of PTC’s robust and diversified pipeline, business development opportunities and general corporate purposes,” PTC Chief Financial Officer Emily Hill said in a statement.
PTC – which will move its global headquarters to Warren – added that the customized senior secured term loan investment is collateralized by its Translarna, Emflaza, Upstaza, sepiapterin, and vatiquinone therapies.
According to PTC, the financial collaboration includes:
“The collaboration represents how Blackstone can support world-class life sciences and health care companies – providing critical resources to help grow their businesses,” said Brad Colman, senior managing director with Blackstone Credit. “Our collaboration will enable PTC to study new potential medicines and brings them a secure, long-term capital solution.”
WilmerHale served as legal counsel to PTC Therapeutics, and Ropes & Gray LLP served as legal counsel to Blackstone.
Blackstone Life Sciences is a private investment platform with capabilities to invest in companies and products within the life science sectors. Blackstone Credit is one of the world’s largest credit-focused asset managers, with $234 billion in assets under management.