Cancer Biotech Novocure Scores New $150M Debt Financing
Feb. 7, 2018 21:01 UTC
ST. HELIER, Jersey--(BUSINESS WIRE)--NovoCure (NASDAQ: NVCR) announced today that it has entered into a $150 million term loan agreement with BioPharma Credit PLC (LSE: BPCR), an investment fund managed by Pharmakon Advisors, LP, with proceeds used to pay in full Novocure’s existing $100 million term loan debt and fund working capital. The agreement improves upon the pricing and terms of Novocure’s existing credit facility with BioPharma Secured Investments III Holdings Cayman LP and extends the maturity of Novocure’s debt until February 2023. Additional information on the term loan agreement will be filed with the U.S. Securities and Exchange Commission as a Current Report on Form 8-K.
“Novocure is a global oncology company with a proprietary platform technology, and we are pleased to further strengthen our cash position with non-dilutive capital,” said Wilco Groenhuysen, Novocure’s Chief Financial Officer. “This new credit facility provides us with the financial stability and flexibility to continue to execute our core strategies of driving commercial adoption of Optune and advancing our clinical pipeline.”
Armentum Partners acted as financial advisor to Novocure for the debt transaction. Sidley Austin LLP acted as legal advisor to Novocure.
Novocure is an oncology company developing a profoundly different cancer treatment utilizing a proprietary therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Novocure’s commercialized product is approved for the treatment of adult patients with glioblastoma. Novocure has ongoing or completed clinical trials investigating TTFields in brain metastases, non-small cell lung cancer, pancreatic cancer, ovarian cancer and mesothelioma.
Headquartered in Jersey, Novocure has U.S. operations in Portsmouth, New Hampshire, Malvern, Pennsylvania and New York City. Additionally, the company has offices in Germany, Switzerland, Japan and Israel. For additional information about the company, please visit www.novocure.com or follow us at www.twitter.com/novocure.
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