BPCR — Biopharma Credit News Story

0.000.00%

Last trade - 00:00

FinancialsConservativeMid CapSuper Stock

Market Cap
$1.07bn
Enterprise Value
$984.17m
Revenue
$135.73m

All News

REG - BioPharma Credit PLC - Half-year Report

Biopharma CreditAnnouncement

27/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230927:nRSa8101Na&default-theme=true

RNS Number : 8101N BioPharma Credit PLC 27 September 2023

27 September 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

HALF YEAR REPORT FOR THE PERIOD ENDED 30 JUNE 2023

FLOATING RATES RISE TO 98% OF LOAN PORTFOLIO; INVESTMENT RETURNS INCREASE

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor,
is pleased to present the Half Yearly Report of the Company for the period
ended 30 June 2023.

The full Half-Yearly Report and Financial Statements can be accessed via the
Company's website at www.bpcruk.com (http://www.bpcruk.com) or by contacting
the Company Secretary by telephone on +44 (0) 333 300 1950

INVESTMENT HIGHLIGHTS

· Over the first six months of 2023, the Company and its
subsidiaries invested $195 million comprising three investments, further
increasing portfolio diversification:

o $37.5 million for the loan to ImmunoGen announced on 11 April 2023

o $120 million for the loan to BioCryst announced on 19 April 2023

o $37.5 million for the loan to Reata announced on 11 May 2023

· The Company also received increased liquidity from amortisation
payments from the Akebia and Collegium loans and the BMS purchased payments

· Post period-end deployment of an additional $41 million further
reduced the effect of cash drag

· At period end the Company had $154 million in cash and $67
million available to draw under its credit facility

· LumiraDx one of the Company's investees, is currently considering
strategic alternatives

o The Company's investment manager is actively engaged with the board of
directors and management of LumiraDx and looks forward to updating investors
on developments as they occur

· On 26 September 2023, Biogen closed on its acquisition of Reata
and Reata paid $62.5 million to the Company and the Company also received
$15.6 million in prepayment and make whole fees

· The Company's investment manager continues to develop a pipeline
of additional potential investments to further diversify the portfolio

FINANCIAL HIGHLIGHTS

· The percentage of floating rate senior secured loans within the
portfolio further increased to 98% from 81%, having a significant positive
impact on the Company's earnings as well as offering protection in a rising
rate environment

· Investment returns increased to $79 million during the first six
months of 2023 compared with $76 million during the same period in 2022

· The Company made two dividend payments over the period totalling
$0.0508 per share, referencing net income for the quarters ending 31 December
2022 and 31 March 2023

o The Company is currently paying and continues to target a 7-cent annual
dividend per share

SUMMARY

as at 30 June 2023

Share Price Net Assets
$0.8960 $1,327.9m
(31 December 2022: $0.9500) (31 December 2022: $1,337.5m)

NAV per Share Shares in issue
$1.0178 1,373.9m
(31 December 2022: $1.0139) (31 December 2022: 1,373.9m)

Discount to NAV per Share Leverage
12.0% 0%
(31 December 2022: 6.3%) (31 December 2022: 0%)

Net income per share Target Dividend
$0.0538 7 cents per annum
(30 June 2022: $0.0445) (31 December 2022: 7 cents per annum)

PORTFOLIO COMPOSITION

As at 30 June 2023 ($m) As at 31 December 2022 ($m) As at 30 June 2023 (%) As at 31 December 2022 (%)

Collegium senior secured loan 252.1 287.5 19.0% 21.6%
Cash and cash equivalents 154.2 333.0 11.6% 25.0%
LumiraDx senior secured loan and warrants 150.5 150.1 11.3% 11.3%
Insmed senior secured loan 146.1 140 11.0% 10.5%
Coherus senior secured loan 125.0 125 9.4% 9.4%
BioCryst senior secured loan 121.5 - 9.1% 0.0%
BMS purchased payments 89.7 103.5 6.8% 8.0%
Optinose senior secured note, shares and warrants 71.9 72.5 5.4% 5.4%
Evolus senior secured loan 50.0 37.5 3.8% 2.8%
Urogen senior secured loan 50.0 50 3.8% 3.8%
Reata senior secured loan 37.5 - 2.8% 0.0%
ImmunoGen senior secured loan 37.5 - 2.8% 0.0%
Immunocore senior secured loan 25.0 33.5 1.9% 1.9%
Akebia senior secured loan 21.5 25 1.6% 2.5%
Other net liabilities -4.6 -20.1 -0.3% -2.3%
Total net assets 1,327.9 1,337.5 100% 100%

* Cash and cash equivalents include balances at the Company and BPCR Limited
Partnership.

Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, LP, the
Investment Manager of BioPharma Credit PLC, said:

"We are pleased with another highly active period for the Company and its
portfolio with a further $195 million deployed in three new investments during
the six months under review.

"Further, we are encouraged to see the Company's earnings profile continue to
rise in line with both strong investment activity and the very high allocation
of the Company's loan portfolio to floating rate investments, currently 98%.
In addition, the announcement from Biogen to acquire Reata resulted in a
highly attractive IRR for the Company's initial investment that will enhance
the available capital for distribution in the second half of the year. While
LumiraDx has faced liquidity issues, the Company is currently considering
strategic alternatives and we look forward to providing investors with updates
as they occur.

"We expect our investment pipeline to grow as new products enter the market
during the second half of 2023 and we are continuing to develop an attractive
pipeline to further diversify our portfolio. We remain focused on our mission
of creating the premier dedicated provider of debt capital to the life
sciences industry while generating attractive returns and sustainable income
to investors and remain confident of our ability to deliver the Company's
dividend target to investors."

Results presentation

As announced on 31 August 2023, a management presentation for sell side
analysts will be held via a webcast call facility at 2pm BST today. To request
details or to register to attend please RSVP biopharmacredit@buchanan.uk.com
(mailto:biopharmacredit@buchanan.uk.com) .

Enquiries

Buchanan

David Rydell / Mark Court / Jamie Hooper / Henry Wilson

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.com)

Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor in the life
sciences industry and joined the LSE in March 2017. The Company seeks to
provide long-term shareholder returns, principally in the form of sustainable
income distributions from exposure to the life sciences industry. The Company
seeks to achieve this objective primarily through investments in debt assets
secured by royalties or other cash flows derived from the sales of approved
life sciences products.

CHAIRMAN'S STATEMENT

DURING THE FIRST HALF OF 2023, THE COMPANY ANNOUNCED THREE NEW TRANSACTIONS
TOTALING $380 MILLION IN FRESH COMMITMENTS

INTRODUCTION

I am pleased to present the half yearly report for the Company, which covers
the period 1 January 2023 to 30 June 2023. The Company continues to offer
investors exposure to an attractive and diversified

portfolio of secured loans. Consistent with challenges seen across the market,
the Company's shares have traded at a discount to NAV through the period. The
Company has therefore continued the buyback programme to demonstrate support
for the NAV and provide confidence to the market. The Company will continue to
execute buy backs at appropriate prices subject to closed periods.

INVESTMENTS

Over the first six months of 2023, the Company and its subsidiaries invested
$195 million, comprised of $37.5 million for the ImmunoGen loan, $120 million
for the BioCryst loan and $37.5 million for the Reata loan. The portfolio
diversification increased during 2022 and into 2023.

The Company, including assets and liabilities from its financing subsidiary,
BPCR Limited Partnership, ended the period with total net assets of $1,328
million, comprising $1,178 million of investments, $154 million of cash and $4
million of other net liabilities. The Company and its subsidiaries saw $65
million increased liquidity from the amortisation payments of the Akebia and
Collegium loans and the BMS purchased payments. The post balance sheet
deployment of $41 million has further reduced any negative impact of cash
drag.

As further described in Pharmakon Advisors, LP's ("Pharmakon" or the
"Investment Manager") section of this report, the loans in the portfolio
remain current. LumiraDx, one of the Company's borrowers has been facing
liquidity issues and is currently considering strategic alternatives. The
Investment Manager is actively engaged with the board of directors and
management of LumiraDx and will continue to update investors on developments
as they occur.

SHAREHOLDER RETURNS

The Company reported net income on ordinary activities after finance costs and
before taxation for the first half of 2023 of $71 million, up from the $68
million reported during the first half of 2022. On 30 June

2023, the Company's Ordinary Shares closed at $0.8960, below the closing price
on 31 December 2022 of $0.9500. Net Asset Value ("NAV") per Ordinary Share
increased over the same timeframe by

$0.0039 from $1.0139 to $1.0178.

The Company made two dividend payments over the period totaling $0.0508 per
share, referencing net income for the quarters ending 31 December 2022 and 31
March 2023. The Company is currently paying and continues to target a 7 cent
annual dividend per share.

INVESTMENT VALUATIONS

The valuation of the Company's investments is performed by the Investment
Manager. Investments with quoted prices in active markets or external market
data are verified with independent sources. The valuation principles of the
Company's unlisted secured loans are valued based on a discounted cash flow
methodology. A fair value for each loan is calculated by applying a discount
rate to the cash flows expected to arise from each loan. Further details on
the valuation methodology are given in note 7 to the financial statements.

ESG

The Board has supported the Investment Manager's Environmental, Social and
Governance ("ESG") programme over the first six months of 2023, with progress
made in embedding ESG as an integral part of the investment process. The key
areas are described in more detail on page 16 of the full Half-yearly Report.

OUTLOOK

The Company started 2023 strongly having announced three transactions that
represent $380 in commitments. 98 per cent. of the Company's investment loan
balance consists of floating interest rates

enabling the Company's strategy to remain attractive in the new interest rate
environment. The Company had $154 million in cash and $67 million available to
draw under its credit facility with JPMorgan Chase Bank to make new
investments at 30 June 2023. The Investment Manager continues to develop a
pipeline of additional potential investments and, as a consequence, we are
currently evaluating a number of potential alternatives to fund future growth
and further diversify our portfolio. On behalf of the Board, I should like to
express our thanks to Pharmakon for their continued achievements on behalf of
the Company in 2023 and to our shareholders for their continued support.

Harry Hyman

Chairman

26 September 2023

INVESTMENT MANAGER'S REPORT

Pharmakon is pleased to present an update on the Company's portfolio and
investment outlook. Pharmakon's engagement with potential counterparties
during the first six months of the year resulted in $380 million of new
transactions for the Company. The majority of the Company's portfolio
continues to perform well. LumiraDx, one of the Company's borrowers, has been
facing liquidity issues and is currently considering strategic alternatives.
The Investment Manager is actively engaged with the board of directors and
management of LumiraDx and will continue to update investors on developments
as they occur.

The proportion of floating rate loans in the portfolio, together with an
increase in the interest free rate, leads to investment returns increasing by
4 per cent. During the first six months of 2023 compared to the same period in
2022. There were no prepayments during the period.

Below is an update on the Company and its subsidiaries portfolio.

Reata

On 5 May 2023, the Company and a Private Fund also managed by the Investment
Manager (the "Private Fund"), entered into a definitive senior secured term
loan agreement for up to $275 million with Reata Pharmaceuticals Inc.
("Reata") maturing in May 2028. Tranche A of $75 million was funded at
closing. Tranche B of $50 million and Tranche C of $75 million will be drawn
after achieving certain performance-based milestones, and Tranche D of $75
million will be available at the Company's discretion after achieving certain
sales-based milestones. The loan has a coupon of 3-month secured overnight
financing rate ("SOFR"), plus 7.5 per cent. (subject to a 2.5 per cent.
floor).

There is also a 2.0 per cent. upfront fee upon each draw. The interest only
period for the loan is for 3 years but can be extended to 4 years if trailing
twelve month sales are greater than $250 million. The Company's share of the
transaction is $137.5 million, of which $37.5 million was funded at closing.
Reata is a biopharmaceutical company focused on identifying, developing, and
commercializing small-molecule therapeutics with novel mechanisms of action
for the treatment of severe, life-threatening diseases with few or no approved
therapies. Their lead program is omaveloxolone in a rare neurological disease
called Friedreich's Ataxia (FA) which activates the transcription factor Nrf2
to normalize mitochondrial function, restore redox balance, and resolve
inflammation. Reata's key product Skyclarys was approved in the US on 28
February 2023, and is indicated for the treatment of Freidreich's Ataxia in
adults and adolescents 16 years and older. On 10 July 2023, the Company funded
Tranche B of the Reata loan for $25,000,000.

On 28 July 2023, Inc. ("Biogen") Biogen announced a definitive agreement
pursuant to which Biogen will acquire Reata for an enterprise value of
approximately $7.3 billion. Biogen and Reata currently anticipate that the
Transaction will close in the fourth quarter of 2023. If the Transaction were
to close on 29 September 2023, the Company would be expected to receive
approximately $15.5 million in prepayment and make-whole fees.

Investment type Initial investment date
Secured loan 12 May 2023

Total loan amount Company commitment
$275m $138m

Maturity
May 2028

BioCryst

On 17 April 2023, the Company along with the Private Fund entered into a
definitive senior secured term loan agreement for up to $450 million with
BioCryst Pharmaceuticals Inc. ("BioCryst") maturing in April 2028. Tranche A
of $300 million was drawn at closing. The remaining three tranches of up to
$50 million each will be available through 30 September 2024. The loan has a
coupon of 3-month SOFR plus 7.0 per cent. (subject to a 1.75 per cent. floor)
and up to 50 per cent. of the interest during the first 18 months may be
paid-in-kind (PIK) at a rate of 3-month SOFR plus 7.25 per cent. There is also
a 1.75 per cent. upfront fee on the loan.

The Company's share of the transaction is $180 million, of which $120 million
was funded at closing. BioCryst has elected the option to accrue 50 per cent.
of their interest due from closing through 30 June

2023 as a payment-in-kind as allowed in the loan agreement. BioCryst is a
global biopharmaceutical company that discovers and commercializes novel,
oral, small- molecule medicines. BioCryst's commercial product, Orladeyo, is
indicated for prophylaxis to prevent attacks of hereditary angioedema (HAE) in
adults and pediatric patients 12 years and older. BioCryst also has one
pipeline product for BCX10013, a factor D inhibitor being studied in atypical
hemolytic uremic syndrome (aHUS), IgA nephropathy (IgAN), and complement 3
glomerulopathy(C3G). BioCryst's key product Orladeyo was

approved in the US on 3 December 2020, and is indicated for prophylaxis to
prevent attacks of hereditary angioedema (HAE) in adults and pediatric
patients 12 years and older. The product was subsequently approved in Japan on
22 January 2021, and the European Union on 30 April 2021.

Investment type Investment date
Secured loan 17 April 2023

Total loan amount Company commitment
$450m $180m

Maturity
April 2028

ImmunoGen

On 6 April 2023, the Company along with the Private Fund entered into a
definitive senior secured loan agreement with ImmunoGen, Inc. ("ImmunoGen")
for up to $125 million. The loan will mature in April 2028 and bears interest
at SOFR plus 8.0 per cent. (subject to a 2.75 per cent. floor), with an
additional consideration of 2.0 per cent. of the total loan amount.

The Company committed to invest up to $62.5 million (Tranche A - $37.5
million; Tranche B - $25.0 million by 31 March 2024) and funded its allocation
of Tranche A of $37.5 million on 6 April 2023. ImmunoGen is a commercial-stage
biotechnology company focused on developing and commercializing the next
generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer
patients. ImmunoGen's commercial product, Elahere, is indicated for the
treatment of FRa positive, platinum-resistant ovarian cancer and is currently
being commercialized in the US. ImmunoGen is also developing pivekimab
sunirine for the treatment of blastic plasmacytoid dendritic cell neoplasm
(BPDCN) and acute myeloid leukemia (AML).

Investment type Initial investment date
Secured loan 6 April 2023

Total loan amount Company commitment
$125m $63m

Maturity
April 2028

Immunocore

On 8 November 2022, the Company along with the Private Fund entered into a
definitive senior secured loan agreement for up to $100 million with
Immunocore Limited (Nasdaq: IMCR), a biopharmaceutical company focused on
developing a novel class of TCR bispecific immunotherapies designed to treat a
broad range of diseases, including cancer, infectious and autoimmune diseases
("Immunocore").

The Company and its subsidiaries funded $25 million of the first tranche of
$50 million on 8 November 2022. The remaining $50 million may be drawn by 30
June 2024. The Company's share of the final tranche is $25 million. Tranche A
will mature in November 2028 and bears interest at 9.75 per cent. per annum
along with an additional consideration of 2.50 per cent. paid at funding.

Tranche B if drawn, will mature in November 2028 and will bear interest at
3-month SOFR plus 8.75 per cent. per annum subject to a 1.00 per cent. floor
along with an additional consideration of 2.50 per cent.

Investment type Investment date
Secured loan 8 November 2022

Total loan amount Company commitment
$100m $50m

Maturity
November 2028

Insmed

On 19 October 2022, the Company and the Private Fund entered into a definitive
senior secured loan agreement for $350 million with Insmed Incorporated
(Nasdaq: INSM), a biopharmaceutical

company focused on treating patients with serious and rare diseases
("Insmed").

The Company and its subsidiaries funded $140 million of the $350 million loan
on 19 October 2022. Insmed has elected the option to accrue 50 per cent. of
their interest due from closing through 30 June 2023 as a payment-in-kind as
allowed in the loan agreement. The loan will mature in October 2027 and bears
interest at a rate based upon the 3-month SOFR, plus 7.75 per cent. per annum
subject to a SOFR floor of 2.50 per cent. with a one-time additional
consideration of 2.00 per cent. of the total loan amount paid at funding.

Investment type Investment date
Secured loan 19 October 2022

Total loan amount Company commitment
$350m $140m

Maturity
October 2027

Collegium 2022

On 14 February 2022, the Company along with the Private Fund provided
Collegium Pharmaceuticals, Inc. (Nasdaq: COLL), a biopharmaceutical company
focused on developing and commercialising new medicines for responsible pain
management ("Collegium"), with a commitment to enter into a new senior secured
term loan agreement for $650 million. On 22 March 2022, proceeds from the new
loan were used to fund Collegium's acquisition of BDSI as

well as repay the outstanding debt of Collegium and BDSI. At closing, the
Company and its subsidiaries invested $325 million in a single drawing.

The four-year loan will have $100 million in amortisation payments during the
first year and the remaining $550 million balance will amortize in equal
quarterly installments. The loan will mature in March 2026 and bears interest
at 3-month LIBOR plus 7.50 per cent. per annum subject to a 1.20 per cent.
floor along with a one-time additional consideration of 2.00 per cent. of the
loan amount paid upon signing and a one-time additional consideration of 1.00
per cent. of the loan amount paid at funding. On 23 June 2023, the Company and
the Private Fund entered into an amendment which modified the loan interest
rate to 3-month SOFR plus 7.50 per cent. Collegium currently markets Xtampza
ER, an abuse-deterrent, extended-release, oral formulation of oxycodone and
Nucynta(tapentadol), a centrally acting synthetic analgesic.

Investment type Investment date
Secured loan 22 March 2022

Total loan amount Company commitment
$650m $325m

Maturity
March 2026

UroGen

On 7 March 2022, the Company and the Private Fund entered into a definitive
senior secured loan agreement for up to $100 million with UroGen Pharma, Inc.
(Nasdaq: URGN), a biopharmaceutical company dedicated to creating novel
solutions that treat urothelial and specialty cancers ("UroGen"). UroGen drew
down $75 million at closing and the remaining $25

million on 16 December 2022.

The Company and its subsidiaries funded $50 million across the two tranches.
The loan will mature in March 2027 and bears interest at 3-month LIBOR plus
8.25 per cent. per annum subject to a 1.25 per cent. floor along with a
one-time additional consideration of 1.75 per cent. of the total loan amount
paid at funding of the first tranche. On 29 June 2023, the Company and the
Private Fund entered into an amendment which modified the loan interest rate
to 3-month SOFR plus 8.25 per cent. UroGen markets JELMYTO (mitomycin), a
prescription medicine used to treat adults with a type of cancer of the lining
of the upper urinary tract including the kidney called low- grade Upper Tract
Urothelial Cancer (LG- UTUC).

Investment type Initial investment date
Secured loan 16 March 2022

Total loan amount Company commitment
$100m $50m

Maturity
March 2027

Coherus

On 5 January 2022, the Company and the Private Fund entered into a definitive
senior secured loan agreement for up to $300 million with Coherus BioSciences,
Inc. (Nasdaq: CHRS), a biopharmaceutical company building a leading
immunooncology franchise funded with cash generated by its commercial
biosimilars business ("Coherus"). Coherus drew down $100 million at closing,
another $100 million on 31 March 2022, and an additional $50 million on 14
September 2022. The remaining $50 million commitment lapsed so there are no
additional funding commitments.

The Company and its subsidiaries funded $125 million across the first three
tranches. The loan will mature in January 2027 and bears interest at 3-month
LIBOR plus 8.25 per cent. per annum subject to a 1.00 per cent. floor along
with a one-time additional consideration of 2.00 per cent. of the total

loan amount paid at funding of the first tranche. On 6 February 2023, the
Coherus loan was amended to allow for a short term waiver to the sales
covenant, as well switching the LIBOR component of the loan coupon to SOFR.
Coherus markets UDENYCA® (pegfilgrastimcbqv), a biosimilar of Neulasta

in the United States, and expects to launch the FDA-approved Humira biosimilar
YUSIMRY (adalimumab-aqvh) in the United States in 2023.

Investment type Initial investment date
Secured loan 5 January 2022

Total loan amount Company commitment
$250m $125m

Maturity
January 2027

Evolus

On 14 December 2021, the Company and the Private Fund entered into a
definitive senior secured loan agreement for up to $125 million with Evolus,
Inc. (Nasdaq: EOLS), a biopharmaceutical company that develops, produces, and
markets clinical neurotoxins for aesthetic treatments ("Evolus"). The Company
and its subsidiaries funded $37.5 million of the first tranche of $75 million
on 29 December 2021. The remaining $50 million may be drawn by 31 December
2023.

The Company's share of the final tranche is $25 million. The loan will mature
in December 2027 and bears interest at 3-month LIBOR plus 8.50 per cent. per
annum subject to a 1.00 per cent. floor along with a one-time additional
consideration of 2.25 per cent. of the total loan amount paid at funding of
the first tranche. On 5 December 2022, the Evolus loan was amended to extend
the draw down date for Tranche B in exchange for a $500,000 amendment fee, of
which 50 per cent. was allocated to the Company. On 9 May 2023, the Company
and the Private Fund entered into an amendment which modified the loan
interest rate to 3-month SOFR plus 8.50 per cent and the Tranche B closing.
The Company completed the funding of $12.5 million to Evolus on 31 May 2023.
Evolus will borrow the remaining fifty percent of Tranche B on 15 December
2023. Evolus currently markets Jeuveau (prabotulinumtoxinA-xvfs), the first
and only neurotoxin dedicated exclusively to aesthetics.

Investment type Initial investment date
Secured loan 14 December 2021

Total loan amount Company commitment
$125m $63m

Maturity
December 2027

LumiraDx

On 23 March 2021, the Company and the Private Fund entered into a definitive
senior secured loan agreement for $300 million with LumiraDx Investment
Limited and LumiraDx Group Limited (collectively "LumiraDx"). The Company and
its subsidiaries funded $150 million of the $300 million loan on 29 March
2021. The loan is due to mature in March 2024 and bears interest at 8.00 per
cent. per annum along with an additional consideration of 2.50 per cent. of
the loan amount paid at funding and an additional 1.50 per cent. of the loan
payable at maturity. On 28 September 2021, LumiraDx became public via a SPAC
transaction with CA Healthcare Acquisition Corp. and began trading on NASDAQ
under the ticker LMDX.

The Company and the Private Fund both received 742,924 warrants exercisable
into common stock of LumiraDx under the terms of the transaction. On 28 March
2022, the LumiraDx loan was amended to allow LumiraDx to enter into a royalty
agreement with certain investors to raise up to an aggregate amount of $50
million. On 17 June 2022, the LumiraDx loan was amended to provide LumiraDx
with certain waivers in exchange for increasing the fee payable at maturity
from 1.50 to 3.00 per cent. of the loan. On 25 July 2022, LumiraDx raised $100
million in a follow-on offering at a price of $1.75. As part of the financing,
Pharmakon re-tiered its sales covenants, received a facility fee, and was
issued new five-year warrants with the original warrants being cancelled. On
22 February 2023, the LumiraDx loan was amended to provide LumiraDx with
certain waivers in exchange for increasing the fee payable at maturity from
3.00 to 9.00 per cent. of the loan. On 1 March 2023, the LumiraDx loan was
amended to allow for conforming updates to the loan agreement. On 7 June 2023,
the LumiraDx loan was amended to provide for, among other things, revisions to
the minimum net sales and the minimum liquidity covenants in the loan
agreement. In exchange LumiraDx has agreed to, among other things, pay
additional payment-in-kind interest with respect to amounts outstanding under
the Loan Agreement in an amount equal to three month term SOFR. On 30 June
2023, the LumiraDx loan was amended to extend the time that LumiraDx has to
comply with certain minimum net sales and minimum liquidity covenants in the
Loan Agreement until 17 July 2023. LumiraDx is a UK based, next-generation
Point of Care ("POC"), diagnostic company addressing the current limitations
of legacy POC systems by bringing performance comparable to a central lab to
the POC in minutes, on a single instrument for a broad menu of tests with a
low cost of ownership. To date, LumiraDx has developed and launched twelve
diagnostic tests for use with its platform, three of which have been approved
in the United States under an Emergency Use Authorization and in the European
Union under a Conformite Europeenne mark: a SARS-CoV-2 ("COVID-19") antigen
test, a COVID-19 antibody test, and a COVID-19 surveillance test. The nine
other tests are currently approved only in the European Union under a
Conformite Europeenne mark. LumiraDx has also used its technology to develop
two rapid COVID-19 reagent testing kits for use on open molecular systems,
LumiraDx SARS-CoV-2 RNA STAR and SARS-CoV-2 RNA STAR Complete, both of which
obtained Emergency Use Authorization by the FDA.

Investment type Investment date
Secured loan 23 March 2021

Total loan amount Company commitment
$300m $150m

Maturity
March 2024

Akebia

On 11 November 2019, the Company and the Private Fund entered into a
definitive senior secured term loan agreement for up to $100 million with
Akebia Therapeutics, Inc. (Nasdaq: AKBA), a fully integrated biopharmaceutical
company focused on the development and commercialisation of therapeutics for
people living with kidney disease ("Akebia"). Akebia drew down $80 million at
closing and an additional $20 million on 10 December 2020.

The Company and its subsidiaries funded $50 million across both tranches. The
loan will mature in November 2024 and bears interest at LIBOR plus 7.5 per
cent. per annum along with a one-time additional consideration of 2 per cent.
of the total loan amount paid at funding. The Akebia loan began amortising in
September 2022. On 18 February 2022, the Akebia loan was amended to provide
Akebia certain waivers. On 15 July 2022, the Akebia loan was amended to
provide Akebia with certain waivers. As a result of this amendment on 15 July
2022, Akebia made a $25 million pre-payment, of which $12.5 million went to
the Company, as well as a 2 per cent. prepayment fee. On 30 June 2023, the
Company and the Private Fund entered into an amendment which modified the loan
interest rate to 3-month SOFR plus 7.50 per cent. The Company's outstanding
balance as of 30 June 2023 is $21.5 million. Akebia currently markets
Auryxia® (ferric citrate) which is approved in the US for hyperphosphatemia
(elevated phosphorus levels in blood serum) in adult patients with chronic
kidney disease ("CKD") on dialysis and iron deficiency anaemia in adult
patients with CKD not on dialysis.

Investment type Initial investment date
Secured loan 25 November 2019

Total loan amount Company commitment
$100m $50m

Maturity
November 2024

OptiNose

On 12 September 2019, the Company and the Private Fund entered into a
definitive senior secured note purchase agreement for the issuance and sale of
senior secured notes in an aggregate original principal amount of up to $150
million by OptiNose US, Inc. a wholly owned subsidiary of OptiNose Inc.
Nasdaq: OPTN), a commercial stage specialty pharmaceutical company
("OptiNose"). OptiNose drew a total of $130 million in three tranches: $80
million on 12 September 2019, $30 million on 13 February 2020 and $20 million
on 1 December 2020. There are no additional funding commitments.

The Company and its subsidiaries funded a total $72 million across all
tranches. The notes mature in September 2024 and bore interest at 10.75 per
cent. per annum along with a one-time additional consideration of 0.75 per
cent. of the aggregate original principal amount of senior secured notes which
the Company was committed to purchase under the facility and 445,696 warrants
exercisable into common stock of OptiNose at a strike price of $6.72 In prior
years, there were two amendments to the OptiNose note purchase agreement,
resulting in re-tiered sales covenants, permission for an equity issuance,
amended amortisation and make-whole provisions, and the issuance of new
three-year warrants, with the original warrants being canceled. On 10 August
2022, the OptiNose note and purchase agreement were amended resulting in
re-tiered sales covenants in exchange for an amendment fee of $780,000,
payable upon repayment, of which the Company will be allocated $429,000. On 9
November 2022, OptiNose negotiated certain waivers in exchange for a waiver
fee, of which the Company earned $715,000 of the total $1.3 million waiver
fee. On 21 November 2022, OptiNose entered into an Amended and Restated Note
Purchase Agreement (the "A&R NPA"). As part of the A&R NPA, Pharmakon
revised the sales covenants, amended the amortization and make-whole, and
modified the loan interest from a fixed rate of 10.75 per cent. to a floating
rate equal to 3-month SOFR plus 8.50 per cent., subject to a 2.50 per cent.
floor, in exchange for an amendment fee. OptiNose's leading product, XHANCE
(fluticasone propionate), is a nasal spray approved by the U.S. Food and Drug
Administration (FDA) in September 2017 for the treatment of nasal polyps in
patients 18 years or older. XHANCE utilises a novel and proprietary exhalation
delivery system to deliver the drug high and deep into the sinuses, targeting
areas traditional intranasal sprays are not able to reach.

Investment type Initial investment date
Secured loan 12 September 2019

Total loan amount Company commitment
$130m $72m

Maturity
June 2027

Bristol-Myers Squibb, Inc.

On 8 December 2017, the Company's wholly-owned subsidiary entered into a
purchase, sale and assignment agreement with a wholly-owned subsidiary of
Royalty Pharma Investments ("RPI"), an affiliate of the Investment Manager,
for the purchase of a 50 per cent. interest in a stream of payments (the
"Purchased Payments") acquired by RPI's subsidiary from Bristol-Myers Squibb
(NYSE: BMY) through a purchase agreement dated 14 November 2017.

As a result of the arrangements, RPI's subsidiary and the Company's subsidiary
are each entitled to the benefit of 50 per cent. of the Purchased Payments
under identical economic terms. The Purchased Payments are linked to tiered
worldwide sales of Onglyza and Farxiga, diabetes agents marketed by
AstraZeneca, and related products. The Company was expected to fund $140
million to $165 million during 2018 and 2019, determined by product sales over
that period, and will receive payments from 2020 through 2025. The Purchased
Payments are expected to generate attractive risk-adjusted returns in the high
single digits per annum. The Company funded all of the Purchased Payments
based on sales from 1 January 2018 to 31 December 2019 for a total of $162
million.

REALIZED INVESTMENTS

GBT

On 17 December 2019, the Company and the Private Fund entered into a
definitive senior secured term loan agreement for up to $150 million with
Global Blood Therapeutics Inc. (Nasdaq: GBT), a biopharmaceutical company
focused on innovative treatments that provide hope to underserved patient
communities ("GBT"). GBT drew down $75 million at closing and an additional
$75 million on 20 November 2020. On 14 December 2021 the loan agreement was
amended and restated. The amendment increased the aggregate principal amount
of the loan to $250 million through a $100 million third tranche, which was
drawn on 22 December 2021. The Company and its subsidiaries funded $133
million across all three tranches. The loan was due to mature in December 2027
and bore interest at three- month LIBOR plus 7.00 per cent. per annum subject
to a 2.00 per cent. floor along with a one-time additional consideration of
1.50 per cent. of the total loan amount paid upon funding and an additional
2.00 per cent. payable upon the repayment of the loan. The third tranche also
incurred additional consideration of 1.50 per cent. at the time of funding. As
a part of the amendment in 2021, the Company and its subsidiaries received a
one-time fee equal to 1.25 per cent. of the first two tranches and the
three-year make- whole period was reset to December 2021. On 5 October 2022,
Pfizer acquired GBT and, as a result, GBT repaid its $250 million senior
secured loan. The Company received its $133 million of principal and $43
million in prepayment and make whole fees. The Company and its subsidiaries
earned a 27.6 per cent. gross internal rate of return* and a 20.7 per cent net
internal rate** of return on its GBT investment.

SAREPTA

On 13 December 2019, the Company and the Private Fund entered into a
definitive senior secured term loan agreement for up to $500 million with
Sarepta Therapeutics, Inc. (Nasdaq: SRPT), a fully integrated
biopharmaceutical company focused on precision genetic medicine ("Sarepta").
On 24 September 2020 the Sarepta loan agreement was amended, and the loan
amount was increased to $550 million. Sarepta

drew down the first $250 million tranche at closing and an additional $300
million on 2 November 2020. The Company and its subsidiaries funded $175
million of each tranche for a total investment of $350 million. The first
tranche was originally due to mature in December 2023 and the second tranche
in December 2024. The loan bore interest at 8.5 per cent. per annum along with
a one-time additional consideration of 1.75 per cent. of the first tranche and
2.95 per cent. of the second tranche paid upon funding and an additional 2 per
cent. payable upon the repayment of the loan. On 12 September 2022, Sarepta
announced the early termination and repayment of its existing senior secured
debt with proceeds from the issuance of $1 billion in convertible bonds. On 16
September 2022, Sarepta repaid its $550 million senior secured loan. The
Company received its $350 million of principal and $22 million in prepayment,
paydown fees, make whole fees, and accrued interest. The Company and its
subsidiaries earned a 12.0 per cent. gross internal rate of return* and 9.0
per cent net internal rate of return** on its Sarepta investment.

EPIZYME

On 4 November 2019, the Company and the Private Fund entered into a definitive
senior secured term loan agreement for up to $70 million with Epizyme, Inc.
(Nasdaq: EPZM), a late-stage biopharmaceutical company developing novel
epigenetic therapies for cancer ("Epizyme"). On 3 November 2020 the Epizyme
loan agreement was amended, and the loan amount was increased to $220 million.
Epizyme drew down $25 million at closing and an additional $195 million during
2020. The Company and its subsidiaries funded a total of $110 million of the
Epizyme loan. The loan was originally due to mature in November 2024 and bore
interest at LIBOR plus 7.75 per cent. per annum along

with a one-time additional consideration of 2 per cent. of the total loan
amount paid upon funding. On 27 June 2022, Ipsen announced a definitive
agreement pursuant to which Ipsen would acquire Epizyme. On 12 August 2022,
Epizyme repaid its $220 million senior secured loan. The Company received its
$110 million of principal and $8 million in prepayment and makewhole fees. The
Company and its subsidiaries earned a 15.2 per cent. gross internal rate of
return* and 11.4 per cent net internal rate of return** on its Epizyme
investment.

COLLEGIUM 2020

On 6 February 2020, the Company and the Private Fund entered into a definitive
senior secured term loan agreement for $200 million with Collegium
Pharmaceutical, Inc. (NaSsdaq: COLL), a biopharmaceutical company focused on
developing and commercialising new medicines for responsible pain management
("Collegium 2020"). The Company and its subsidiaries funded $165 million of
the $200 million loan on 13 February 2020. The secured loan began amortising
immediately and was due to fully mature in February 2024. The loan bore
interest at three-month LIBOR plus 7.50 per cent. per annum subject to a 2.00
per cent. LIBOR floor with a one-time additional consideration of 2.50 per
cent. of the loan amount paid upon funding. The loan was repaid in its
entirety on 22 March 2022. The Company and its subsidiaries earned a 11.9 per
cent. gross internal rate of return* and 8.9 per cent net internal rate of
return** on its Collegium 2020 investment.

BIODELIVERY SCIENCES

On 23 May 2019, the Company entered into a senior secured loan agreement for
up to $80 million with BioDelivery Sciences International (Nasdaq: BDSI), a
commercial-stage specialty pharmaceutical company ("BDSI"). In addition, the
Company acquired 5,000,000 BDSI shares at $5.00 each for a total cost of $25
million in a public offering that took place on 11 April 2019. The first
tranche of the loan for $60 million was funded on 28 May 2019 and the second
$20 million tranche was funded on 22 May 2020. The loan was due to mature in
May 2025 and bore interest at LIBOR plus 7.50 per cent., along with 2.00 per
cent. additional consideration paid at closing. On 23 September 2021, BDSI
made an early prepayment of $20 million, and made its final payment for the
remainder of the loan on 22 March 2022. The Company earned a 11.9 per cent.
gross internal rate of return* and a 9.0 per cent net internal rate of
return** on the BDSI loan. The Company sold 46 per cent of its BDSI shares
during 2019 at an average price of $6.50 and received $5.60 per remaining
shares on the date of the M&A Transaction. The Company earned a 11.6 per
cent. gross internal rate of return* and a 8.7 per cent net internal rate of
return** on the BDSI equity investment.

MARKET ANALYSIS
The life sciences industry is expected to continue to have substantial capital
needs during the coming years as the number of products undergoing clinical
trials continues to grow. All else being equal, companies seeking to raise
capital are generally more receptive to straight debt financing alternatives
at times when equity markets are soft, increasing the number and size of
fixed-income investment opportunities for the Company, and will be more
inclined to issue equity or convertible bonds at times when equity markets are
strong. A good indicator of the life sciences equity market is the New York
Stock Exchange Biotechnology Index ("BTK Index"). While there was substantial
volatility during the period, the BTK Index decreased 1 per cent. during the
first six months of 2023, compared to a 16 per cent. decrease during the same
period in 2022***. Global equity issuance by life sciences companies during
the first six months of 2023 was $22 billion, a 97 per cent. increase from the
$11 billion issued during the same period in 2022****. This dynamic
contributed to additional deal flow for the Company during the recent period
from 4Q 2022 through 2Q 2023, as we deployed $207.5 million across three new
investments and an additional tranche of an existing investment. We anticipate
a continued slowdown in equity issuance coupled with greater appetite for
fixed income as a source of capital during the remainder of 2023.

Acquisition financing is an important driver of capital needs in the life
sciences industry in general and a source of investment opportunities. An
active M&A market helps drive opportunities for investors such as the
Company, as acquiring companies need capital to fund acquisitions. Global life
sciences M&A volume during the first six months of 2023 was $34 billion, a
31 per cent. increase from the $26 billion witnessed during the same period in
2022.****

USD LIBOR
On 5 March 2021, the Financial Conduct Authority ("FCA"), the regulatory
supervisor of USD LIBOR's administrator ("IBA") announced in a public
statement the future cessation of the 3-month USD LIBOR tenor setting. As of
that date, 30 June 2023, all available tenors of USD LIBOR have either
permanently or indefinitely ceased to be provided by IBA. As of 30 June 2023
the benchmark replacement rate is based on Secured Overnight Financing Rate
("SOFR"), and all LIBOR-based interest payments will now be calculated with
SOFR beginning on the respective effective date. The Company has eleven loans
with coupons that reference 3-month USD SOFR and five have a 2.50 per cent.
floor or greater and six have a floor ranging from 1.00 per cent. to 2.00 per
cent. As of 30 June 2023, the 3-month SOFR rate was 5.27 per cent,
significantly above the floors in the eleven loans.

INVESTMENT OUTLOOK
We expect our investment pipeline to grow as new products and companies enter
the market during the remainder of 2023. Pharmakon's extensive network and
thorough approach will continue to identify strong investment opportunities.
We remain focused on our mission of creating the premier dedicated provider of
debt capital to the life sciences industry while generating attractive returns
and sustainable income to investors. Further, Pharmakon remains confident of
our ability to deliver its target dividend yield to its investors.

Pedro Gonzalez de Cosio

Co-founder and CEO, Pharmakon

26 September 2023

* The gross internal rate of return of a particular investment means an
aggregate, annual, compounded, as applicable, internal rate of return,
calculated on the basis of historical capital inflows and outflows related to
a particular investment, without taking into account the impact of management
fees, incentive compensation, taxes, or transaction and organizational costs
and expenses. Past performance is not an indication of future performance.

** The net internal rate of return of a particular investment is calculated by
applying a 25% reduction to the respective gross internal rate of return of a
particular investment, which is the average percentage reduction from the
gross internal rate of return and net internal rate of return from all
previously realized investments from prior closed private funds. The net
internal rate of return for realized investments in the prior closed prior
funds means an aggregate, annual, compounded, as applicable, internal rate of
return, calculated on the basis of realized capital inflows and outflows for
such investment, taking into account, the impact of its proportional share of
fees and expenses actually paid by its relevant closed private fund. The
Investment Manager believes this methodology is the appropriate approach to
derive an approximate realized net internal rate of return for realized
investments in the Company. Past performance is not an indication of future
performance.

*** Source: BTK Index

**** Source: Bloomberg

Below are Case Studies for the new investments that the company has funded
during the first six months of the year.

CASE STUDY - ImmunoGen

ImmunoGen is a commercial stage biotechnology company focused on developing
and commercializing the next generation of antibody drug candidates ("ADCs")
to improve outcome for cancer patients. established a leadership position in
ADCs with a portfolio of differentiated product candidates to address both
solid tumors and hematologic malignancies.

ImmunoGen's proprietary technology comprises an antibody that binds to a
target found on tumor cells and is conjugated to one of ImmunoGen's potent
anti-cancer agents to kill the tumor cell once the ADC has bound to its
target. ADCs are an expanding class of anticancer therapeutics, with twelve
approved products and the number of agents in development growing
significantly in recent years. ImmunoGen has established a leadership position
in ADCs with a portfolio of differentiated product candidates to address both
solid tumors and hematologic malignancies.

On 14 November 2022, Elahere (mirvetuximab soravtansine-gynx) received
accelerated approval from the FDA for the treatment of adult patients with
FRα positive, platinum-resistant epithelial ovarian, fallopian tube, or
primary peritoneal cancer, who have received one to three prior systemic
treatment regimens. The product subsequently launched in the US on 1 December
2022. Ovarian cancer affects ~20,000 women annually.

Elahere is a first-in-class ADC targeting folate receptor alpha (FR), a
cell-surface protein over-expressed in several epithelial tumors, including
ovarian, endometrial, and non-small-cell lung cancers.

ImmunoGen is also developing pivekimab sunirine for the treatment of blastic
plasmacytoid dendritic cell neoplasm ("BPDCN") and acute myeloid leukemia
("AML").

CASE STUDY - BIOCRYST

BioCryst is a global biopharmaceutical company that discovers and
commercializes novel, oral, small-molecule medicines.

BioCryst focuses on oral treatments for rare diseases in which significant
unmet medical needs exist and an enzyme plays the key role in the biological
pathway of the disease. BioCryst integrates the disciplines of biology,
crystallography, medicinal chemistry and computer modeling to discover and
develop small molecule pharmaceuticals through the process known as
structure-guided drug design.

BioCryst's commercial product, Orladeyo (berotralstat), is indicated for
prophylaxis to prevent attacks of hereditary angioedema ("HAE") in adults and
pediatric patients 12 years

and older. HAE is a rare, severely debilitating and potentially fatal genetic
condition with a prevalence of between 1 in 33,000 to 1 in 67,000 people.

Orladeyo received US FDA approval on 3 December 2020, and was subsequently
approved in Japan on 22 January 2021 and the EU on 30 April 2021.

BioCryst also has one pipeline product in BCX10013, a factor D inhibitor being
studied in atypical hemolytic uremic syndrome (aHUS), IgA nephropathy (IgAN),
and complement 3 glomerulopathy (C3G).

CASE STUDY - REATA

Reata is a biopharmaceutical company focused on identifying, developing, and
commercializing small-molecule therapeutics with novel mechanisms of action
for the treatment of severe, life-threatening diseases with few or no approved
therapies.

Reata's first commercial product, Skyclarys (omaveloxolone), is indicated for
Friedreich's Ataxia ("FA"), a rare neurological disease. Skyclarys activates
the transcription factor Nrf2 to normalize mitochondrial function, restore
redox balance, and resolve inflammation.

FA is an inherited, debilitating, and degenerative neuromuscular disorder that
is typically diagnosed during adolescence and can ultimately lead to premature
death. Patients with FA experience progressive loss of coordination, muscle
weakness, and fatigue, which commonly progresses to motor incapacitation,
wheelchair reliance, and eventually death. FA affects approximately 6,000
patients in the United States and 22,000 individuals globally.

Skyclarys received US FDA approval on 28 February 2023 and is indicated for
the treatment of Friedreich's Ataxia in adults and adolescents 16 years and
older.

Reata also has submitted a Marketing Authorization Application for
omaveloxolone for the treatment of FA to the EMA in Europe and the application
is under review. Reata is also developing cemdomespib, the lead product
candidate from the Company's Hsp90 modulator program, in neurological
indications.

PHARMAKON ADVISORS' ESG POLICY

Pharmakon Advisors' ESG Policy can be found set out on pages 16 to 19 of the
full Half-Yearly report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

INTERIM MANAGEMENT REPORT

The important events that have occurred during the period under review, the
key factors influencing the financial statements and the principal factors
that could impact the remaining six months of the financial year are set out
in the Chairman's Statement and the Investment Manager's report above.

The Directors and the Investment Manager have considered the adverse impact of
potential changes in law, regulation and taxation and the matter of foreign
exchange risk.

The Directors have considered the principal risks facing the Company and there
have not been any material changes to the principal risks and uncertainties
and approach to mitigating these risks since the publication of the Annual
Report and Financial Statements for the year ended 31 December 2022, and
expect that, for the remainder of the year ending 31 December 2023, these will
continue to be as set out on pages 26 to 32 of that report.

Risks faced by the Company include, but are not limited to:

• Failure to achieve target returns;

• The success of the Company depends on the ability and expertise of the
Investment Manager;

• The Company may from time to time commit to make future investments that
exceed the Company's current liquidity;

• The Investment Manager's ability to source and advise appropriately on
investments;

• There can be no assurance that the Board will be able to find a
replacement investment manager if the Investment Manager resigns;

• Concentration in the Company's portfolio may affect the Company's ability
to achieve its investment objective;

• Life sciences products are subject to intense competition and various
other risks;

• Investments in debt obligations are subject to credit and interest rate
risks;

• Risk that a counterparty is unable to honour its obligation to the
Company;

• Sales of life sciences products are subject to regulatory actions that
could harm the Company's ability to make distributions to investors;

• Net asset values published will be estimates only and may differ
materially from actual results;

• Changes in taxation legislation or practice may adversely affect the
Company and the tax treatment for shareholders investing in the Company;

• Global pandemics may affect the operation and performance of the Company;
and

• Changes to accounting regulation may require the Company to make a change
in accounting policy that could have a material impact on its reported results
including its net asset value, net income and distributable reserves.

GOING CONCERN

The financial statements continue to be prepared on a going concern basis. The
Directors have reviewed areas of potential financial risk and cash flow
forecasts.

No material uncertainties have been detected which would influence the
Company's ability to continue as a going concern for at least 12 months from
the date of this report. Accordingly, the Board of directors continue to adopt
the going concern basis in preparing the financial statements. The important
events that have occurred during the period under review, the key factors
influencing the financial statements and the principal factors that could
impact the remaining six months of the financial year are set out in the
Chairman's statement and the Investment Manager's report above.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that to the best of their knowledge:

• this set of condensed financial statements has been prepared in accordance
with UK adopted International Accounting Standard ("IAS") 34, 'Interim
Financial Reporting', and gives a true and fair view of the assets,
liabilities, financial position and profit of the Company; and

• this Half-Yearly Report includes a fair review of the information required
by:

(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place during the first six months
of the financial year and that have materially affected the financial position
or performance of the Company during that period; and any changes in the
related party transactions that could do so.

This Half-Yearly Report was approved by the Board of Directors on 26 September
2023 and the above responsibility statement was signed on its behalf by Harry
Hyman, Chairman.

On behalf of the Board

Harry Hyman

Chairman

26 September 2023

DIRECTORS, ADVISERS AND OTHER SERVICE PROVIDERS

DIRECTORS

Harry Hyman (Chairman)

Duncan Budge

Colin Bond

Stephanie Léouzon

Rolf Soderstrom

Sapna Shah

INVESTMENT MANAGER AND AIFM

Pharmakon Advisors, LP

110 East 59th Street #3300

New York, NY 10022

USA

ADMINISTRATOR

Link Alternative Fund Administrators Limited

Broadwalk House

Southerhay West

Exeter

EX1 1TS

COMPANY SECRETARY AND REGISTERED OFFICE

Link Company Matters Limited

6(th) Floor

65 Gresham Street

London

United Kingdom

EC2V 7NQ

Tel: +44 (0) 333 300 1950

COMPANY WEBSITE

www.bpcruk.com

CUSTODIAN

Bank of New York Mellon

One Canada Square

London

E14 5AL

FINANCIAL AND STRATEGIC COMMUNICATIONS

Buchanan Communications Limited

107 Cheapside

London

EC2V 6DN

INDEPENDENT AUDITOR

Ernst & Young

Harcourt Centre

Harcourt Street

Dublin

DO2 YA40

Ireland

JOINT BROKERS

J.P. Morgan Cazenove

25 Bank Street

London

E14 5JP

Goldman Sachs International

Peterborough Court

133 Fleet Street

London

EC4A 2BB

LEGAL ADVISER

Herbert Smith Freehills LLP

Exchange House

Primrose Street

London

EC2A 2EG

REGISTRAR

Link Group

10(th) Floor

Central Square

29 Wellington Street

Leeds

LS1 4DL

BPCR — Biopharma Credit News Story

REG - BioPharma Credit PLC - Half-year Report

Recent news on Biopharma Credit

REG - BioPharma Credit PLC - Director/PDMR Shareholding

REG - BioPharma Credit PLC - STATEMENT RE COHERUS BIOSCIENCES, INC.

REG - BioPharma Credit PLC - Holding(s) in Company

REG - BioPharma Credit PLC - Transaction in Own Shares

REG - BioPharma Credit PLC - Transaction in Own Shares