HealthCare Royalty and Blue Owl Announce $250M Debt Financing with TG Therapeutics

HealthCare Royalty (HCRx) and Blue Owl Capital have provided a $250 million term loan facility to TG Therapeutics (NASDAQ: TGTX), a biopharmaceutical company focused on B-cell diseases.

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08/06/2024 - 09:01 AM EDT

STAMFORD, Conn.--(BUSINESS WIRE)-- HealthCare Royalty (“HCRx”), in conjunction with funds managed by Blue Owl Capital (“Blue Owl”), has entered into a $250 million term loan facility (the “Initial Term Loan”) with TG Therapeutics, Inc. (“TG”, NASDAQ: TGTX), a fully integrated, commercial stage, biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases.

In January 2023, TG launched BRIUMVI® (ublituximab-xiiy), an anti-CD20 monoclonal antibody for the treatment of relapsing forms of multiple sclerosis (MS), which generated $89 million of U.S. net revenue in 2023. HCRx and Blue Owl funded the $250 million Initial Term Loan at closing with each party providing $125 million. The Initial Term Loan will mature on August 2, 2029. An additional facility of up to $100 million is available at the mutual option of TG and HCRx / Blue Owl.

“We have been impressed with TG Therapeutics’ launch of BRIUMVI over the past 18 months,” stated Clarke B. Futch, Founder, Chief Executive Officer and Chairman at HCRx. “We believe our loan investment is well collateralized and provides TG Therapeutics with meaningful capital to support its business objectives.”

“We are pleased to invest in TG Therapeutics as it continues to demonstrate strong commercial momentum with BRIUMVI,” said Sandip Agarwala, Managing Director at Blue Owl. “This loan investment is a great example of our scaled and structurally flexible approach in the life sciences sector.”

About HealthCare Royalty

HealthCare Royalty is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical products. With offices in Stamford, Conn., San Francisco, Boston and London, HCRx has invested $5+ billion in over 85 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC.

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives.

With over $192.2 billion in assets under management as of June 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 820 experienced professionals, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.