Kashiv BioSciences, a fully integrated biopharmaceutical company, announced that it has entered a senior secured credit agreement with GoldenTree Asset Management as the sole lender.
The $150 million credit facility supports Kashiv BioSciences in advancing its world-class infrastructure, enabling it to pursue its R&D and manufacturing strategy in the U.S. and India.
Kashiv is also expanding its state-of-the-art manufacturing facilities in Piscataway, New Jersey (8,500L capacity) and Pipan, India (37,000L capacity), dedicated to monoclonal antibody (MAB) drug substance manufacturing. The new facility in Pipan will be one of India’s largest single-use commercial manufacturing facilities of monoclonal antibodies, serving customers in the U.S., Europe, and other world markets. This new credit facility will also support working capital requirements, research and development, and other business purposes.
J.P. Morgan acted as the structuring agent on the transaction. And Milbank served as legal advisor to GoldenTree. K&L Gates served as legal advisor to Kashiv BioSciences.
KEY QUOTE:
“We are excited to be working with experienced healthcare investors who share our confidence in the Company’s growth. The favorable structure of this debt facility will allow Kashiv to confidently expand its manufacturing capabilities in India and the U.S. and advance its pipeline of biosimilar candidates. This financing comes at a pivotal time of growth and will allow the Company to have the financial flexibility to execute on our near- and long-term growth objectives.”
- Sandeep Athalye, Global CEO of Kashiv Biosciences
