Partnering News: Lilly & PTC TherapeuticsBy
A roundup of bio/pharmaceutical partnering news from Eli Lilly and Company/Purdue University and PTC Therapeutics/Blackstone.
Lilly, Purdue University in $92.5-M Pact for Mfg Scholarships and Research
Eli Lilly and Company has partnered with Purdue University to establish a $42.5-million pharmaceutical manufacturing scholarship program and has also signed a new $50-million research collaboration with Purdue University.
Lilly’s commitment includes $42.5 million over 10 years to fund pharmaceutical manufacturing scholarships for incoming Purdue undergraduate students by offering 75-100 students each year full tuition with a guaranteed internship or co-op at Lilly and a promise of coordinated interaction with company leaders. Priority access to the new Lilly Scholars program will be given to undergraduate students who are underrepresented in Purdue’s student population, have overcome socioeconomic or educational disadvantages, or are among the first generation in their family to attend college. The first scholarships will be offered for the fall 2023.
Lilly and Purdue also have signed a new $50-million five-year research collaboration with a focus on genetic medicine, intrathecal delivery, and nanoparticle drug delivery. They had first formed a strategic research collaboration in 2017, funded by an initial $50 million commitment from Lilly.
Source: Eli Lilly and Company
PTC Therapeutics, Blackstone in $1-Bn Financing Deal
PTC Therapeutics, a South Plainfield, New Jersey-based bio/pharmaceutical company, has formed strategic financing collaboration, worth up to $1 billion, in funds managed by Blackstone, a New York-based investment firm.
As part of the collaboration, funds managed by Blackstone Life Sciences and Blackstone Credit will provide PTC with an initial $500 million commitment, including $350 million in low-cost, low-dilution capital at the transaction’s close. Specifically, the transaction is comprised of the following components: (1) $300 million of senior secured debt at 7.25% + secured overnight financing rate (SOFR) for a seven-year term; (2) $50-million purchase of PTC common stock; (3) $150-million delayed draw debt for up to 18 months; and (4) $500 million in potential credit facility or other investment capital to support business development opportunities, subject to mutual agreement between Blackstone and PTC.