Biopharma Credit PLC v. Biogen Inc.

Motion to Dismiss Denied, Ambiguity Found in The Loan Agreement

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The following e-filed documents, listed by NYSCEF document number (Motion 002) 28-34, 38-46 were read on this motion to/for DISMISS. DECISION + ORDER ON MOTION Defendants Biogen Inc., and Reata Pharmaceuticals, Inc., (hereinafter collectively “Defendants”) move to dismiss Plaintiffs BioPharma Credit PLC, BPCR Limited Partnership, and BioPharma Credit Investments v. (Master) LP’s (hereinafter collectively “Plaintiffs”) claims for breach of contract pursuant to CPLR §3211(a)(7). Relevant Factual¹ and Procedural History The present matter arises from a loan agreement (hereinafter “Loan Agreement”) by and between Plaintiffs and Defendant Reata Pharmaceuticals (hereinafter individually “Reata”). NYSCEF Doc. No. 30 (Plaintiffs’ Complaint). Plaintiff BioPharma Credit PLC is a trust incorporated in England and Wales, has its principal place of business in the United Kingdom, and is the “collateral agent under the loan agreement.” Id. at 20. Plaintiff BPCR Limited Partnership, a subsidiary of Plaintiff BioPharma Credit PLC, is incorporated in and has its principal place of business in the United Kingdom. Id. at 21. Plaintiff BioPharma Credit Investments v. (Master) LP is a limited partnership with its principal place of business in the Cayman Islands. Id. at 22. Plaintiffs BPCR Limited Partnership and BioPharma Credit Investments v. (Master) LP are the designated lenders in the present matter. Id. at

21-22. Defendant Reata is a biopharmaceutical company incorporated in Delaware with its principal place of business in Plano, Texas. Id. at 22. Defendant Reata created and marketed Skyclarys (generic: Omaveloxolone), a medication intended to treat Friedreich’s ataxia.² Id. at 28. In May 2023, Plaintiffs entered into the Loan Agreement with Defendant Reata in which Plaintiffs agreed to loan Defendant Reata the sum of $275 million over the course of four (4) tranches denoted as Tranches A, B, C, and D. Id. at

Biopharma Credit PLC v. Biogen Inc.

Motion to Dismiss Denied, Ambiguity Found in The Loan Agreement

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