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BioPharma Credit PLC on Tuesday announced a new investment of up to fr.75 million, around $94.2 million, in Allschwil, Switzerland-based Idorsia Pharmaceuticals Ltd as part of a larger fr.250 million senior secured financing package. The London-based closed-ended investment company focused on the life sciences industry said it, through a wholly owned subsidiary, has entered into a senior secured loan agreement with the Swiss biopharmaceutical company alongside BioPharma Credit Investments V LP, which will provide a further fr.175 million. BioPharma Credit will invest up to fr.75 million across three tranches. An initial fr.45 million tranche will be funded 10 business days after signing, while two further fr.15 million tranches will be available through the end of 2026 and June 2027 respectively, with the final tranche subject to sales milestones. The loan matures in June 2031. Any Swiss franc-denominated borrowings will carry a fixed annual interest rate of 7.0%, while any US dollar borrowings will bear interest at three-month SOFR plus 5.75%, subject to a 3.25% floor. Idorsia will also pay a one-time fee of 1.5% on each tranche when drawn, alongside potential prepayment, make-whole and exit fees. BioPharma Credit said it will hedge its Swiss franc exposure using forward contracts, which are expected to generate a positive carry and deliver US dollar-denominated returns broadly in line with the rest of its portfolio. Allschwil, Switzerland-based Idorsia develops and commercialises small-molecule medicines. Its lead product, Quviviq, is a treatment for insomnia. Idorsia reported revenue of fr.221 million in 2025, including fr.142 million from Quviviq sales. In the first quarter of 2026, Quviviq sales rose 74% year-on-year to fr.44 million. Shares in BioPharma Credit were flat at 73.45 pence in London on Tuesday morning. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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