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BioPharma Credit PLC - life sciences debt investment trust - Pablo Legorreta, co-founder of Pharmakon Advisors, the company's investment manager, will sell 55.0 million shares in BioPharma, a 4.0% stake. The sale will be conducted immediately by JP Morgan Cazenove as an accelerated book building process to institutional investors. At the current market price, the sale would be worth about $56 million. Legorreta, who also is founder & chief executive officer of Royalty Pharma, will retain 21.7 million shares, a 1.6% stake. BioPharma Credit will receive no proceeds, as the sale is of existing shares.
Current stock price: $1.01, down 0.5% on Wednesday
12-month change: up 3.1%
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