Edison Investment Research - Biopharma Credit (A2DN3S) BioPharma Credit - Invests in Epizyme and Akebia

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Edison Investment Research

Pedro Fonseca

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 recently declared dividend of US$0.0175 per share), which it aims to deploy before the end of the year.

14/11/2019 3 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 - Invests in Epizyme and Akebia

BioPharma Credit: 1 director

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

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

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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