BioPharma Credit PLC UPDATES TO THE PORTFOLIO (4330V)
August 07 2020 - 1:00AM
UK Regulatory
TIDMBPCR
RNS Number : 4330V
BioPharma Credit PLC
07 August 2020
7 August 2020
BioPharma Credit plc
(the "Company")
UPDATES TO THE PORTFOLIO
Pharmakon Advisors, the Investment Manager of BioPharma Credit
PLC (the "Company"), notes two recent updates to its portfolio:
Novocure: The Company received a notice of prepayment for its
$150 million senior secured loan with Novocure Limited, (NASDAQ:
NVCR). As a result, the Company is expected to receive on or before
18 August 2020, approximately $154.8 million, comprised of $150
million in principal, $1.8 million in accrued interest and $3.0
million in prepayment fees. This investment is expected to generate
an IRR of 10.2% as a result of the prepayment.
GBT: Global Blood Therapeutics, Inc (NASDAQ: GBT) provided
notice to its Lenders of its intention to draw the second tranche
of the Term Loan, in the amount of $75.0 million, prior to 31
December 2020 which would increase the Company's investment in GBT
from $41.3 million to $82.5 million.
The Company continues to note a highly supportive environment
for its investment strategy with an ongoing significant unmet need
for specialist credit financing in the life sciences sector.
Accordingly, the Company looks forward to updating shareholders on
the deployment of available capital against a considerable pipeline
of investment opportunities and existing secondary tranche
commitments.
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 500
Buchanan
+44 (0)20 7466 5000 / biopharmacredit@buchanan.uk.com
David Rydell
Mark Court
Jamie Hooper
Henry Wilson
Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor
in debt from the life sciences industry and joined the LSE on 27
March 2017. The Company seeks to provide long-term shareholder
returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company 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.
LEI: 213800AV55PYXAS7SY24
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END
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