Edison Investment Research - Biopharma Credit (A2DN3S) BioPharma Credit - Fully invested after recent transactions

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Edison Investment Research

Pedro Fonseca

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 deals will allow it to restore dividend cover based exclusively on the income generated by its investment portfolio.

10/01/2022 1 EN

Underlying

Biopharma Credit

BioPharma Credit is a closed-ended investment company. Co.'s investment objective is to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. Co. may acquire debt assets from a company operating in the life sciences; or an entity other than a life sciences industry which directly or indirectly holds an interest in royalty rights to certain products, including any investment vehicle or special purpose vehicle; or in the secondary market.

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GB00BDGKMY29 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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BioPharma Credit - Fully invested after recent transactions

BioPharma Credit: 1 director

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

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

Tinexta - Typical seasonality in Q124

Dentsu Group - FY24 prospects weighted to H2

Record - AUME momentum and a sharper focus

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