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

HealthCare Royalty (HCRx) has partnered with Blue Owl Capital to provide a $250 million term loan facility to TG Therapeutics, Inc. This financial arrangement aims to support TG Therapeutics, a biopharmaceutical company focused on developing and commercializing treatments for B-cell diseases. The term loan, referred to as the Initial Term Loan, will mature on August 2, 2029.

The collaboration between HCRx and Blue Owl Capital involves both parties contributing $125 million each towards the loan. Additionally, there is an option for an extra facility of up to $100 million, which can be activated upon mutual agreement between TG Therapeutics and the funding organizations.

TG Therapeutics has recently introduced BRIUMVI® (ublituximab-xiiy) to the market, an anti-CD20 monoclonal antibody designed to treat relapsing forms of multiple sclerosis (MS). Since its launch in January 2023, BRIUMVI® has achieved significant success, generating $89 million in U.S. net revenue for the year.

Clarke B. Futch, Founder, Chief Executive Officer, and Chairman at HCRx, expressed satisfaction with TG Therapeutics' progress, especially noting the successful launch of BRIUMVI®. Futch highlighted the strategic value of the loan, emphasizing its robust collateral and the capital support it provides to TG Therapeutics' ongoing business endeavors.

Sandip Agarwala, Managing Director at Blue Owl, echoed this sentiment, recognizing the strong commercial momentum demonstrated by TG Therapeutics with BRIUMVI®. He pointed out that the loan investment exemplifies Blue Owl's strategic and flexible approach within the life sciences sector.

HealthCare Royalty is a prominent entity in the royalty acquisition field, specializing in commercial and near-commercial biopharmaceutical products. The company operates out of multiple locations, including Stamford, San Francisco, Boston, and London. Since its inception, HCRx has invested over $5 billion in more than 85 biopharmaceutical products.

Blue Owl Capital, listed on the NYSE under the ticker OWL, is a significant asset manager known for redefining alternatives in investment. As of June 30, 2024, Blue Owl manages assets totaling more than $192.2 billion. The company operates across three main platforms: Credit, GP Strategic Capital, and Real Estate. Their strong permanent capital base enables them to provide private capital solutions aimed at driving long-term growth. Blue Owl caters to a diverse range of clients, including institutional investors, individual investors, and insurance companies, offering them unique alternative investment opportunities designed to deliver robust performance, risk-adjusted returns, and capital preservation. The company prides itself on its experienced team of over 820 professionals dedicated to achieving exceptional results.