BioPharma Credit is lending $100m to Trasus Pharmaceuticals. BioPharma Credit Investments V will lend an additional $100m alongside this.

Based in the US, Tarsus is a publicly traded biopharmaceutical company with a current market capitalisation of about $1.2bn (Ticker: TARS – NASDAQ). Tarsus currently markets XDEMVY® (lotilaner ophthalmic solution), a treatment for Demodex blepharitis. XDEMVY® was approved in the US in July 2023 and generated net sales of $14.7m during 2023, of which $13.1m were generated in the fourth quarter of 2023. Tarsus is also developing TP-03 as an investigational therapy for the treatment of Meibomian Gland Disease, TP-04 for the treatment of rosacea and TP-05 as an oral tablet for the prevention of Lyme disease, all of which are in Phase 2.

Under the terms of the transaction, the cmpany will invest up to $100m across four tranches:

• Tranche A of $37.5m was drawn on 19 April 2024;
• Tranche B of $12.5m will be available to be drawn at the election of Tarsus until 31 December 2024;
• Tranche C of $25m will be available upon achievement of certain revenue thresholds until 30 June 2025;
• Tranche D of $25m will be available upon achievement of certain revenue thresholds until 31 December 2025.

The loan will mature in April 2029 and will bear interest at 3-month SOFR plus 6.75 per cent. per annum subject to a 3.75 per cent. SOFR floor.

BPCR : Biopharma Credit makes new $100m loan