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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 recently declared dividend of US$0.0175 per share), which it aims to deploy before the end of the year.
Biopharma Credit
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 passages. We estimate that BPCR still has c US$400m in uncommitted cash available for further deals. We also acknowledge the recent settlement of the dispute between Lexicon (one of BPCR’s borrowers) and Sanofi, which will result in a US$260m cash inflow for Lexicon.
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 invested US$25m in BDSI’s recent share issue, which constitutes BPCR’s first equity investment since inception. We estimate that BPCR still has around US$500m in uncommitted cash available for further deals.
Biopharma Credit – New investment
BioPharma Credit - TESARO statement | Merian Chrysalis - Portfolio update | HgCapital Trust - Partial realisation of Visma
BPCR MERI HGT
BioPharma Credit TESARO update
Augmentum Fintech – Zopa banking licence | NB Global Floating Rate Income – EGM on share buyback author | BioPharma Credit – Statement on TESARO
BPCR AUGM NBLS
BioPharma Credit (BPCR) provides access to a diverse portfolio of debt instruments for life science companies, consisting mainly of senior secured loans at present. Structural changes in the industry and high M&A activity constitute positive drivers of BPCR’s new debt investments. Despite increased life sciences equity and convertible bonds issues, the trust has invested c US$640m so far this year (and has outstanding commitments of US$140.5–160.5m). The trust has recently completed a private placement, with US$305m of final gross proceeds (after being upsized to US$200m from US$150m). Post the Amicus Therapeutics deal and advancing the second tranche of the Tesaro loan, BPCR visibly increased its exposure to floating-rate loans to c 62%.
Aberdeen Standard European Logistics Income - Sixth acquisition | Civitas Social Housing - 1.5% Q3 NAV TR | Dunedin Enterprise Investment Trust - 1.5% NAV return in Q3 | BioPharma Credit - Placing increased to $305m
BPCR ASLI CSH DNE
BPCR - BioPharma Credit – Results of fundraising | CSH - Civitas Social Housing – Q3 2018 NAV and update
Biopharma Credit Civitas Social Housing
VinaCapital Vietnam Opportunity Fund's (VOF) NAV total return for the year ended 30 June 2018 was 16.9% due to strong performance of the Vietnamese capital markets especially in the first half of the year. The listed part of VOF's portfolio delivered gross returns of 29.4% (in the same period, the VN Index rose by 22.4%, MSCI Emerging Markets rose by 5.8% and the MSCI Frontier Markets declined by 1.7%, in US Dollar terms). During the year, VOF's shares were included in the FTSE 250 Index. VOF's 30 September 2018 NAV per share was $5.62, representing a 3.1% increase from the NAV per share in August due to a strong month for the stock market, with the Vietnam Index (VN Index) up 2.7%. The September market rally was mainly led by the large caps which rose by 2.6%. Leading contributors included Vinamilk (VNM, 6.5% of VOF's NAV), and Hoa Phat Group (HPG, 14.3% of VOF's NAV and its largest holding). In October, the company realised its stake in American Home (part of the private equity portfolio) for an 11.4% IRR.
BPCR VOF LXI SWEF IHR THRL
Blackstone / GSO Loan Financing (BGLF*) – September 2018 NAV | Carador Income (CIFU*) – September 2018 NAV | BPCR - BioPharma Credit – Proposed fundraising | Phaunos Timber – Offer wholly unconditional
BPCR BGLF PTF CIFU
Phoenix Spree Deutschland (Mkt Cap £366m)-Interims: 4.1% NAV total return | Bluefield Solar Income Fund (Mkt Cap £443m)-8.5% NAV total return in FY2018 | BioPharma Credit (Mkt Cap £886m)-Interims: 3.8% NAV total return | 3i Group (Mkt Cap £9,268m)-£85m from the sale of 3.7 million shares in Basic-Fit
BPCR PSDL III BSIF
HMSF* – Highbridge Multi-Strategy – Interims to 30 June 2018 | BSIF - Bluefield Solar Income – Finals to 30 June 2018 | BPCR - BioPharma Credit – Interims to 30 June 2018 | ASLI - Aberdeen Standard Euro Logistics Income – Interims to 30 June
BPCR HTCF BSIF
HarbourVest Global Private Equity-4% NAV return in August from valuation gains | CATCo Reinsurance-Strong NAV gains in August | BioPharma Credit-$150m investment | Tufton Oceanic Assets-Full equity deployment
Biopharma Credit Harbourvest Global Private Equity L
BioPharma Credit (BPCR) offers investors access to a diverse portfolio of secured debt instruments for life science companies based on BPCR’s pool of investment opportunities. The ongoing specialisation and fragmentation of the drug discovery process is translating into an increased number of market players seeking additional funding backed by sales from approved products and/or royalty streams from out-licensed products. During its IPO in March 2017 and follow-on placings, the trust has so far raised gross proceeds of US$1,080m (of which US$339m is in seed assets) and already deployed US$690m in four large deals. It also has outstanding potential commitments of up to US$350m.
