BioPharma Credit, BioPharma Credit Investments V to Invest Up to $150 Million in CorMedix

04:21 AM EST, 11/10/2026 (MT Newswires) -- BioPharma Credit (BPCP.L, BPCR.L) and BioPharma Credit Investments V (Master) will invest up to $150 million in CorMedix under a two-tranche senior secured loan agreement, the British life sciences debt investment trust said Tuesday. BioPharma Credit's investment of up to $50 million, made through a subsidiary, will be used to support CorMedix's planned acquisition of substantially all of Heron Therapeutics' assets. The first tranche of $25 million will be available upon completion of the Heron acquisition, expected in the first quarter of 2027. The second tranche can be requested until June 30, 2028, to fund further acquisitions or in-licensing of commercial-stage pharmaceutical products. The loan, which matures five years after the first funding date, carries an interest rate of the three-month Secured Overnight Financing Rate, or SOFR, plus 5.75%, subject to a 3.50% SOFR floor. BioPharma Credit Investments V (Master) will invest up to $100 million in parallel for a total $150 million facility, and BioPharma Credit will act as collateral agent.