BioPharma Credit

LN: BPCR

$1387.6m market cap

$1.01 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) has entered into a definitive agreement to provide US$165m in a single-tranche senior secured loan to Collegium Pharmaceutical, a Nasdaq-listed biopharmaceutical company, which currently markets an abuse-deterrent formulation of oxycodone (opioid) under the Xtampza brand, as well as Nucynta, a centrally acting synthetic analgesic. Collegium reported US$223m in total sales for these two drugs in 9M19. The investment is made alongside BioPharma-V, which provides an additional US$35m, implying BPCR’s share of the deal is 83%.

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Share price graph
Price performance
%
1m
3m
12m
Actual (0.5) 1.0 1.0
Relative* 0.7 5.4 20.5
52-week high/low US$1.0/US$0.9
*% relative to local index
Key management
Alexander Perfall VP, Investor Relations & Public Affairs

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