REG - BioPharma Credit PLC - UPDATE ON INVESTMENTS

Biopharma CreditAnnouncement

Tue 07:00

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RNS Number : 3873H  BioPharma Credit PLC  06 May 2025

6 May 2025

 

BIOPHARMA CREDIT PLC

 

(THE "COMPANY")

 

UPDATE ON INVESTMENTS

 

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment
trust, is pleased to announce the following updates on two of its investments:

 

BioCryst Pharmaceuticals, Inc. - US$30 Million Partial Prepayment

 

Pharmakon Advisors, LP, the investment manager of the Company, notes the
announcement made on 5 May 2025 by BioCryst Pharmaceuticals, Inc.
("BioCryst") during its Q1 2025 earnings call regarding the US$75 million
partial prepayment of its original US$300 million senior secured term loan.
On 17 April 2025 the Company received US$30 million, representing its portion
of the US$75 million prepayment.  In connection with this partial prepayment,
the Company received US$1,069,464 of accrued interest and prepayment fees.

 

The Company had previously announced on 19 April 2023 an investment in a
senior secured loan to BioCryst of up to US$180 million in up to four
tranches.  The Company had previously funded US$120 million and BioCryst did
not draw the remaining three tranches, which expired in September 2024.

 

Evolus, Inc. - US$41.6 Million Additional Investment Commitment

 

The Company had previously announced on 15 December 2021 a US$125 million
senior secured loan to Evolus, Inc. ("Evolus") with the Company investing
US$62.5 million and BioPharma Credit Investments V (Master) LP ("BioPharma-V")
investing US$62.5 million.  Under the terms of the amended and restated loan
agreement signed on 5 May 2025, the existing US$125 million senior secured
loan was increased to US$150 million in a new Tranche A, and two additional
tranches were added for up to US$50 million each, for a total new US$250
million senior secured loan facility.  The two new additional tranches of up
to US$50 million each, for a total additional US$100 million, are available to
be drawn by 31 December 2026 subject to customary conditions precedent set
forth in the amended and restated loan agreement.  The Company's allocation
of each new tranche is up to US$20.8 million, representing US$41.6 million of
the US$100 million. BioPharma-V will provide the balance of up to US$58.4
million, and BioPharma-V funded the additional US$25million of the new Tranche
A at signing.

 

Based in the US, Evolus is a publicly traded performance beauty company with
a current market capitalization of ~US$767 million (Ticker: EOLS -
NASDAQ).  Evolus currently markets Jeuveau(©) (prabotulinumtoxinA-xvfs),
the first and only neurotoxin dedicated exclusively to aesthetics, and
Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels.
Evolysse™ Form and Evolysse™ Smooth, the first two products in the
collection were launched in April 2025. Evolus reported US$266 million in
revenues in 2024 (up 32 per cent. from 2023).

 

In addition to the new tranches, certain amendments were made to the Evolus
loan, including extending the maturity to May 2030, reducing the interest rate
from 3-month SOFR plus 8.50 per cent. per annum to 3-month SOFR plus 5.00 per
cent. per annum, and increasing the SOFR floor from 1.00 percent to 3.50 per
cent.  A one-time additional consideration of 1.00 per cent. of the US$150
million new Tranche A was paid at signing, with the Company receiving
$625,000.  An additional consideration of 1.00 per cent. of funded amounts
will be paid when each new tranche is drawn and an exit fee of 2.00 per cent.
is also required upon any payment of principal, scheduled or otherwise.

 

 

 

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

+44 (0) 333 300 1932

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Nick Croysdill

+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 to the life
sciences industry and joined the LSE in March 2017. BioPharma Credit
PLC seeks to provide long-term shareholder returns, principally in the form
of sustainable income distributions from exposure to the life sciences
industry. BioPharma Credit PLC 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.

 

 

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