- PTC Therapeutics ( NASDAQ: PTCT ) on Thursday said it would receive up to $1B in funding from Blackstone ( NYSE: BX ) affiliates to support the development of its pipeline.
- Funds managed by Blackstone Life Sciences and Blackstone Credit will provide PTCT with an initial $500M commitment.
- As per the terms of the transaction, PTCT will also get $300M of senior secured debt and $150M of delayed draw debt. Additionally, BX will buy $50M of PTCT common stock.
- The financing collaboration with BX will "support its mission to reach a steady-state of delivering at least one therapy every 2-3 years," PTCT said in a statement .
- PTCT's Emflaza drug has been approved by the U.S. FDA for the treatment of Duchenne muscular dystrophy. The company also has commercialization rights to the drugs Tegsedi and Waylivra.
- PTCT separately reported Q3 results , with EPS missing estimates but revenue beating expectations.
- PTC Therapeutics ( PTCT ) stock -17% to $37 after hours.
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PTC Therapeutics to get up to $1B in funding from Blackstone to support pipeline