BioPharma Credit (BPCR) recently announced it has entered into new senior secured loan agreements for up to US$212.5m in aggregate with two Nasdaq-listed biopharmaceutical companies: Evolus (focused on aesthetic medicine) and Coherus (which owns a commercial biosimilar business and plans to build an immunoncology franchise). BPCR also provided an additional tranche of US$50m to Global Blood Therapeutics (GBT). We estimate that the tranches BPCR will fund until end-March 2022 as part of these deals will allow it to restore dividend cover based exclusively on the income generated by its investment portfolio.

10 Jan 2022
BioPharma Credit - Fully invested after recent transactions

Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
BioPharma Credit - Fully invested after recent transactions
BioPharma Credit PLC USD (BPCR:LON) | 88.3 0 0.0% | Mkt Cap: 997.2m
- Published:
10 Jan 2022 -
Author:
Milosz Papst -
Pages:
4 -
BioPharma Credit (BPCR) recently announced it has entered into new senior secured loan agreements for up to US$212.5m in aggregate with two Nasdaq-listed biopharmaceutical companies: Evolus (focused on aesthetic medicine) and Coherus (which owns a commercial biosimilar business and plans to build an immunoncology franchise). BPCR also provided an additional tranche of US$50m to Global Blood Therapeutics (GBT). We estimate that the tranches BPCR will fund until end-March 2022 as part of these deals will allow it to restore dividend cover based exclusively on the income generated by its investment portfolio.