PTC Therapeutics, Blackstone Enter $1B Strategic Financing Pact

PTC Therapeutics, Inc. has entered into a strategic financing collaboration with funds managed by Blackstone to support its mission to reach a steady-state of delivering at least one therapy every 2-3 years to continue to bring medicines to market. 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 close.
 
“This strategic financing will support the acceleration of PTC’s robust and diversified pipeline, business development opportunities and general corporate purposes,” said Emily Hill, Chief Financial Officer, PTC Therapeutics. “Our strong internal drug development and commercialization efforts, record of business development and value creation, combined with Blackstone’s network and life sciences expertise, puts PTC in a strong position to continue to execute our mission.”
 
This collaboration with Blackstone capitalizes on PTC’s multiple innovative therapeutic platforms and track record of delivering transformative treatments for rare diseases. The customized senior secured term loan investment by Blackstone is collateralized by Translarna, Emflaza, Upstaza, sepiapterin, and vatiquinone.
 
Kiran Reddy, MD and Craig Shepherd, Senior Managing Directors with Blackstone Life Sciences said, “This transaction demonstrates our unique ability, in partnership with Blackstone Credit, to combine deep domain expertise and flexible scale capital in the life sciences, helping to grow impressive companies like PTC Therapeutics as they optimize their capital structure and advance important treatments for patients. PTC has a deep track record of bringing life-changing therapies to patients and we are excited to support them as they launch important initiatives with the goal of commercializing new medicines.”