BioPharma Credit PLC USD Equity Research & Stock Reports

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03 Nov 22

BioPharma Credit - A quality dividend play with FY22 yield of 12%

BioPharma Credit (BPCR) is on track to deliver a strong (possibly record-high) annual NAV total return (TR) in FY22 on the back of a high investment level in H122, rising interest rates benefiting its floating rate loans, as well as healthy prepayment and make-whole fees from the early loan repayments in recent months. This has allowed BPCR to announce a US$0.045 special dividend, which implies a 12.0% dividend yield for FY22 on the current share price. The above-mentioned fees also provide BPCR

Companies: BioPharma Credit PLC USD

Edison

04 Oct 22

BioPharma Credit - executive interview

Premium

16 Mar 22

BioPharma Credit - New transaction of up to US$50m

BioPharma Credit (BPCR) has entered into a new senior secured loan agreement for up to US$50m to be provided to UroGen Pharma, a Nasdaq-listed biotech company focused on the treatment of urothelial and speciality cancers. BPCR and BioPharma fund V will each invest US$37.5m in the first tranche and up to a further US$12.5m available to be drawn by end-2022. Following the transaction, BPCR is fully invested and would require additional external capital for new investments (by a further drawdown of

Companies: BioPharma Credit PLC USD

Edison

10 Jan 22

BioPharma Credit - Fully invested after recent transactions

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 dea

Companies: BioPharma Credit PLC USD

Edison

26 Oct 21

BioPharma Credit - Now listed in the Premium Segment of LSE

BioPharma Credit (BPCR) delivered a 7.3% NAV total return (NAV TR) pa in the three-year period ending 30 September 2021 (Edison calculations), somewhat below its 8–9% target. We believe that this was partially due to cash drag from several loan prepayments (although partially offset by prepayment fees). In H121, BPCR invested US$150m in diagnostics company LumiraDx, and reduced its cash position to 18% at end-September 2021. BPCR has sustained its targeted dividend payout (7c per share pa, 7.4%

Companies: BioPharma Credit PLC USD

Edison

01 Apr 21

BioPharma Credit - Debt investment in a COVID-19 test provider

On 24 March 2021, BioPharma Credit (BPCR) announced that it has entered into a US$150m senior secured loan agreement alongside BioPharma Fund V (which provided a further US$150m) with LumiraDx – a next-generation, point-of-care diagnostic company. LumiraDx manufactures rapid diagnostics equipment, including antibody and antigen tests to detect SARS-CoV-2 infections, used by the UK National Health Service, the CVS Pharmacy chain in the US and widely deployed in Africa in cooperation with the Bill

Companies: BioPharma Credit PLC USD

Edison

24 Nov 20

BioPharma Credit - Reinvesting proceeds from loan prepayments

BioPharma Credit (BPCR) has recently made good progress in deploying its cash balance due to drawdowns of second tranches of senior secured loans provided to Sarepta Therapeutics and Global Blood Therapeutics and funding of an additional tranche to Epizyme. Meanwhile, the trust has delivered a solid three-year NAV total return (TR) to end-October 2020 of c 8% per year and its targeted dividend is c0overed in the near term.

Companies: BioPharma Credit PLC USD

Edison

20 Apr 20

First Quarter of 2020

We have knitted together the impact on the investment companies from what is now widely considered to be the most severe pandemic in a century. The collapse in asset prices over the latter part of March, brought the curtain down on an up-market that lasted more than ten years. In amongst this, there were pockets, such as the technology sector, that held up well. For many industries, the worst is still to come, as we brace ourselves for the sharpest contraction to global growth since the US great

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QuotedData

17 Feb 20

BioPharma Credit - Debt investment in Collegium Pharmaceutical

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 addition

Companies: BioPharma Credit PLC USD

Edison

24 Jan 20

BioPharma Credit - High investment volume in H219

BioPharma Credit (BPCR) offers investors access to a diverse portfolio of secured debt instruments for life science companies. During 2019, BPCR was able to deploy more than US$500m and was thus able to reduce the large cash position accumulated as a result of the share issue in late 2018 and prepayment of the Tesaro note in January 2019. New investments include the largest deal so far with Sarepta Therapeutics, where BPCR provided funding of up to US$350m (of which half was initially drawn). We

Companies: BioPharma Credit PLC USD

Edison

14 Nov 19

BioPharma Credit - Invests in Epizyme and Akebia

BioPharma Credit (BPCR) has announced it has entered (alongside the BioPharma V fund) two five-year senior secured loan agreements with a total commitment of US$85m over the next 12 months (of which US$52.5m will be drawn initially). The terms of both loans are broadly in line with previous deals with a high single-digit floating interest rate, a 2% upfront fee and certain make-whole/prepayment fees. We estimate that BPCR still has at least US$344m in uncommitted cash (after excluding the recent

Companies: BioPharma Credit PLC USD

Edison

06 Nov 19

Bitesize briefing - BioPharma Credit

Premium

30 Sep 19

BioPharma Credit - New debt investment in OptiNose

BioPharma Credit (BPCR) has recently entered into an agreement to provide up to US$82.5m in the form of a five-year senior secured loan to OptiNose, a Nasdaq-listed, commercial-stage pharma company with its flagship product XHANCE, an FDA-approved nasal spray for the treatment of chronic rhinosinusitis with nasal polyps. The therapy uses the inhaled corticosteroid fluticasone propionate coupled with OptiNose’s proprietary Exhalation Delivery System (EDS) designed to reach deep into the nasal pas

Companies: BioPharma Credit PLC USD

Edison

03 Jun 19

BioPharma Credit - Debt and equity investment in BDSI

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 in

Companies: BioPharma Credit PLC USD

Edison

29 May 19

Fidante Daily Digest

Biopharma Credit – New investment

Companies: BioPharma Credit PLC USD

Fidante Partners