BioPharma Credit (LSE:BPCP), the London-listed specialist life sciences debt investment trust, has confirmed the completion of the sale of its indirect interest in Lumira SAS (Colombia), a Colombian distributor of third-party diagnostic products.
The deal, completed on Friday 14 August, concludes the $419 million investment the company and BioPharma Credit Investments V (Master) LP made in the LumiraDx group of companies starting in March 2021.
Combining proceeds from the Lumira Colombia sale, the July 2024 sale of LumiraDx's point-of-care diagnostics platform to Roche Diagnostics, and cash interest collected over the life of the investment, BioPharma Credit has recovered approximately 101% of its principal investment on both a gross and net basis.
LumiraDx Colombia Holdings, the former UK parent entity through which the company and BioPharma-V held their interests, will be wound up in due course.
News Intelligence what this means for the company
BioPharma Credit has fully exited its $419 million LumiraDx investment with a 101% recovery of principal on a gross and net basis, combining proceeds from the August 2024 Lumira Colombia sale, the July 2024 Roche Diagnostics platform sale, and interest collected over the holding period. The outcome validates the credit manager's underwriting discipline in a life sciences debt portfolio and returns capital for redeployment into new originations.
BioPharma Credit recovered approximately 101% of principal on both a gross and net basis from a three-year-plus holding, demonstrating successful exit execution in a complex multi-asset structure. The capital return supports the company's ability to sustain distributions and fund new senior secured lending to biopharma counterparties.
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