BioPharma Credit

LN: BPCR

$1401.4m market cap

$1.02 last close

BioPharma Credit was incorporated in October 2016 in the UK and aims at generating predictable income for shareholders over the long term through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. This includes senior secured notes, royalty debt instruments and priority royalty tranches. BPCR may also invest in unsecured debt (up to 35% of gross assets) as well as credit-linked notes. It can also have an equity exposure of up to 15% of gross assets.

Investment summary

BioPharma Credit (BPCR) recently announced that it has entered into an agreement to provide a US$80m senior secured loan to BioDelivery Sciences International (BDSI), a Nasdaq-listed commercial-stage pharma company. BDSI’s main assets include Belbuca, an FDA-approved partial opioid agonist classified as a Schedule III drug, as well as Symproic, an FDA-approved drug for the treatment of opioid-induced constipation (OIC). This agreement represents BPCR’s first investment this year. Moreover, it invested US$25m in BDSI’s recent share issue, which constitutes BPCR’s first equity investment since inception. We estimate that BPCR still has around US$500m in uncommitted cash available for further deals.

Share price graph
Price performance
%
1m
3m
12m
Actual (2.9) (2.9) (5.1)
Relative* 3.2 0.5 1.2
52-week high/low US$1.1/US$1.0
*% relative to local index
Key management
Alexander Perfall VP, Investor Relations & Public Affairs

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