Find Your Broker
Share Name Share Symbol Market Type Share ISIN Share Description
Biopharma Cred. LSE:BPCR London Ordinary Share GB00BDGKMY29 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $1.07 $1.06 $1.07 - - - 0 05:00:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 37.0 29.8 3.9 27.5 1,470.11

Biopharma Cred. Share Discussion Threads

Chat Pages: 1
TESARO: Pharmakon Advisors, the Investment Manager of BioPharma Credit PLC (the "Company") notes the announcement released yesterday by GlaxoSmithKline plc ("GSK") regarding the definitive agreement pursuant to which GSK will acquire TESARO Inc ("TESARO"). The Company's largest investment is a two-tranche $322 million loan to TESARO, which includes a prepayment fee structure of a premium of 3 per cent., 2 per cent., or 1 per cent. if the loan is prepaid before the second, third, or fourth anniversaries of the relevant closing date respectively plus, if the prepayment is made before the second anniversary, a make whole amount equal to the interest payable between the prepayment date and the second anniversary of the relevant closing date. Pharmakon will continue to monitor the situation and update shareholders as appropriate.
DT Questor: We make one of our rare forays into premium territory this week. Normally this column seeks to live up to its name by focusing on trusts that trade at a discount, but occasionally we think it is justifiable to pay a small premium. As recently as a month ago shares in the trust we have in mind, BioPharma Credit, were trading at 6.8pc above its net asset value per share. But the recent sell-off in the stock market has caused the premium to shrink to a more palatable 3pc. The most obvious attraction of the fund, which lends money to life sciences companies at relatively high interest rates, is its 6.7pc yield, but it offers further benefits. “We expect returns to have a very low correlation with other investments, along with relatively low volatility,” said Alan Brierley, an investment trust analyst at Canaccord Genuity, the broker. He said the portfolio’s defensive qualities “could have significant value in more challenging [market] conditions”. Part of the fund’s resilience stems from the fact that the cash flows used to pay interest on the loans it makes derive from sales of drugs and other medical products that have been commercially approved and made available to patients – “investments with long-dated intellectual property protection”, Brierley said. But the experience and skill of the management team at Pharmakon Advisors are also important. “The managers are highly experienced and can demonstrate an impressive track record; the unlevered weighted average annualised net return is 10pc and there have been no defaults [on loans in any of their funds],” Brierley added. The trust, whose shares trade in dollars, targets an annual total return of 8pc-9pc, including the target yield of 7pc at the flotation price. Such a high income at a time of historically low interest rates is striking and the reason for it owes much to the specialised niche in which the trust operates. The fund is able to charge rates of 9pc-12pc on its loans. Normally such high rates would ring alarm bells because they would be a sign of elevated risk. But the fast-growing life sciences firms that borrow from the trust are prepared to pay them because it is ultimately cheaper for their shareholders than issuing new shares, which would dilute existing holdings. In fact the loans are very safe indeed, as the absence of defaults shows. The trust is one of the 17 in Canaccord’s model portfolio. Also reassuring are the personal stakes of Pablo Legorreta, a principal at Pharmakon Advisors, who owns 76.7m shares, and several board members. Questor says: buy
C share fundraising: Http://
Potential share issue: The Company is pleased to announce that, given the investments recently announced and the sizeable pipeline of near-term opportunities, it is considering an issue of ordinary shares prior to the end of January 2018. Any such issue would be for a total of up to 20% of the Company's total issued share capital and shares would be issued without a prospectus at a price not less than the most recently published NAV per share plus a premium to cover the costs of the issue. Any placing is likely to include participation by some cornerstone investors. Further details will be announced in due course. I'd rather like a slice of these, but doubt I'll be invited! (NAV latest was 99.24c - so issue at about 101c?
Comment on the first loan: Http://
First investment, quite a big one and a decent return projected: Latest NAV 99.24c.
BPCR the chief subject here: Http://
H1 results. No closures as yet, but expect to be full invested by March 2018. Meanwhile, market is expecting a lot, with this premium! Https://
No I hadn't seen it - thanks! Dollar weakness is a problem, of course, but since I have a 'pool' of USD, I don't have forex issues when trading such shares.
Thank you very much, jonwig, that's good news. I've bought a little stake ahead of results on Thursday. Don't know if you'd seen it, but was mentioned in MoneyWeek on Friday,in a positive article by David C Stevenson : hTTp://
Distributions from some of their investments could be subjected to US WT - see p43 of the prospectus. Their own dividends should be paid under UK tax law - see p120.
Anyone know if the dividend payments here are / will be subject to US withholding tax? TIA.
Premium to nav now 13%. Factsheet for May: Http:// Premium maybe explained by IRR on the Depomed loan of 11.9% which won't be booked until repayment. if other assets behave similarly, it might be justified.
Dealings begin 27 March. "Therefore, the Gross Issue Proceeds total US$761,877,360 and accordingly the Company will issue 761,877,360 Shares. This exceeds the Company's initial target of US$300 million." Rather impressive demand, should see an opening premium. My broker (TDD) wasn't offering it, and sending a USD cheque with proofs of identity was messy, so we'll wait and see. EDIT: bought.
. HTTP:// . ~~~~~~~~~~~~~~~~~~~~~~~~~~~ BioPharma Credit plc provides investors with an opportunity to gain exposure to the fast growing life sciences industry, through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. BioPharma Credit’s primary objective is to generate predictable income for shareholders over the long term. Once substantially invested, BioPharma Credit will target an annual dividend yield of 7 per cent. (calculated by reference to the Issue Price), and a net total return on NAV of 8 to 9 per cent. per annum in the medium term. Pharmakon Advisors, the fund’s Investment Manager, was founded in 2009 and has invested US$1.3 billion in 20 transactions across four funds. The first three funds are now fully invested. Drawing upon the expertise and successful track record of Pharmakon Advisors, the fund enjoys access to its extensive, industry-focused knowledge and contacts to source, analyse and structure attractive investment opportunities. Through a shared services agreement with Royalty Pharma, founded in 1996, the Investment Manager will be able to rely on the complementary expertise of the team behind the market leading investor in pharmaceutical royalties. ~~~~~~~~~~~~~~~~~~~~ Significant Holdings (27 Dec 2017): Prudential .... 113,382,100 14.9% Inteligo Bank .. 78,525,801. 8.6 Phemus Corp .... 32,688,075. 4.3 Interseguro .... 27,200,000. 3.6 Adage C P ...... 25,284,247. 3.3 Jeremy Sillem* .... 300,000 Colin Bond* ....... 100,000 Duncan Budge* ..... 100,000 Harry Hyman* ...... 100,000 NAV values: 22/03/17 ... 98.04c 19/06/17 ... 98.66c 30/09/17 ... 98.99c 31/12/17 .. 100.08c
Chat Pages: 1
Your Recent History
Biopharma ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20181219 09:38:16