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BioPharma Credit (BPCR)

Business description

BioPharma Credit was incorporated in October 2016 in the UK and aims at generating predictable income for shareholders over the long term through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. This includes senior secured notes, royalty debt instruments and priority royalty tranches. BPCR may also invest in unsecured debt (up to 35% of gross assets) as well as credit-linked notes. It can also have an equity exposure of up to 15% of gross assets.

Stock data

Market cap.US$1463.2m
Last closeUS$1.06
High / Low (52 weeks)US$1.1 / US$1.0
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

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%.

Last updated on 06/11/2018

Key management

Alexander Perfall, VP, Investor Relations & Public Affairs

Company address

Beaufort House
51 New North Road
Exeter
EX4 4EP
United Kingdom
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