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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Biopharma Credit Plc | BPCR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.852 | 11:07:44 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.858 | 0.852 | 0.858 | 0.852 |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 19/09/2024 | Interim | USD | 0.0175 | 26/09/2024 | 27/09/2024 | 29/10/2024 |
| 19/09/2024 | Special | USD | 0.020392 | 26/09/2024 | 27/09/2024 | 29/10/2024 |
| 21/06/2024 | Interim | USD | 0.0175 | 04/07/2024 | 05/07/2024 | 31/07/2024 |
| 21/03/2024 | Interim | USD | 0.0175 | 28/03/2024 | 02/04/2024 | 30/04/2024 |
| 08/02/2024 | Special | USD | 0.012079 | 15/02/2024 | 16/02/2024 | 15/03/2024 |
| 08/02/2024 | Special | USD | 0.012079 | 15/02/2024 | 16/02/2024 | 15/03/2024 |
| 29/11/2023 | Special | USD | 0.0175 | 07/12/2023 | 08/12/2023 | 05/01/2024 |
| 29/11/2023 | Special | USD | 0.02 | 07/12/2023 | 08/12/2023 | 05/01/2024 |
| 10/08/2023 | Interim | USD | 0.0175 | 17/08/2023 | 18/08/2023 | 15/09/2023 |
| 20/04/2023 | Interim | USD | 0.0175 | 27/04/2023 | 28/04/2023 | 26/05/2023 |
| 22/03/2023 | Special | GBP | 0.01383 | 30/03/2023 | 31/03/2023 | 28/04/2023 |
| 13/10/2022 | Interim | USD | 0.0175 | 20/10/2022 | 21/10/2022 | 18/11/2022 |
| 13/10/2022 | Special | USD | 0.045 | 20/10/2022 | 21/10/2022 | 18/11/2022 |
| 16/08/2022 | Interim | USD | 0.0175 | 25/08/2022 | 26/08/2022 | 23/09/2022 |
| 27/04/2022 | Interim | GBP | 0.01389 | 05/05/2022 | 06/05/2022 | 31/05/2022 |
| 24/02/2022 | Interim | GBP | 0.013056 | 03/03/2022 | 04/03/2022 | 31/03/2022 |
| 04/11/2021 | Interim | USD | 0.0175 | 18/11/2021 | 19/11/2021 | 17/12/2021 |
| 12/08/2021 | Interim | USD | 0.0175 | 19/08/2021 | 20/08/2021 | 17/09/2021 |
| 26/05/2021 | Interim | USD | 0.0175 | 03/06/2021 | 04/06/2021 | 30/06/2021 |
| Special | USD | 0.002901 | 18/03/2021 | 19/03/2021 | 16/04/2021 | |
| 12/11/2020 | Interim | USD | 0.0175 | 19/11/2020 | 20/11/2020 | 18/12/2020 |
| 12/11/2020 | Special | USD | 0.0001 | 19/11/2020 | 20/11/2020 | 18/12/2020 |
| 12/08/2020 | Interim | USD | 0.0175 | 20/08/2020 | 21/08/2020 | 18/09/2020 |
| 14/05/2020 | Interim | USD | 0.0175 | 21/05/2020 | 22/05/2020 | 19/06/2020 |
| 20/02/2020 | Interim | USD | 0.0175 | 27/02/2020 | 28/02/2020 | 27/03/2020 |
| 20/02/2020 | Special | USD | 0.0128 | 27/02/2020 | 28/02/2020 | 27/03/2020 |
| Top Posts |
|---|
Posted at 25/11/2024 14:04 by davebowler Investec-BioPharma Credit (BPCR) – We hosted a group lunch for manager Pedro Gonzalez last week as he was in London for a healthcare conference. BPCR has been a steady performer in the listed debt sector, a sector which has not covered itself in glory in recent years. According to our daily datasheets, over the last 5 years, BPCR has been the best performer in the sector, with NAV (£) total returns of +59.8% . BPCR targets and has paid a 7c annual dividend (covered) but in recent years when rates have been higher and/or it has generated material prepayment fees, BPCR has paid out extra special dividends as shown below. We think the management team are of the highest quality and whilst trading on the current double digit discount, have bought back over 100m shares back this year. The current yield is 10.2% (inc the 2024 announced special), we think this listed debt vehicle deserves attention. |
Posted at 21/11/2024 10:25 by davebowler BioPharma Credit (BPCR), a high-yielding, dollar-based fund, has seen a $25m (£19.7m) loan repaid, topping up its coffers following a string of investments in the past two weeks.Pharmakon Advisors, manager of the £810m biotechnology loan portfolio, has reported the repayment of a $50m senior secured loan by Immunocore, an Oxfordshire-based T-cell receptor therapy group. BPCR’s share made up 2.6% of the portfolio at 30 September. The repayment includes a $1.5m prepayment fee, of which BioPharma receives $750,000. Deutsche Numis analyst Ash Nandi calculated BPCR also received accrued interest of $264,000. She said the repayment would result in a ‘small uplift’ of 0.1% to the September net asset value (NAV) and leave the cash balance at about $165m, or 14.2% of the portfolio. The cash pile takes into account the recent flurry of loans the fund has made, carrying on the pick-up in lending that started this year after a 10-month hiatus. On 31 October, BPCR funded $35m of a $200m loan to Alphatec, a Nasdaq-listed medical device company. Alphatec’s ‘organic innovation machine’ focused on developing newer approaches to spinal surgery to make it safer and deliver reproducible outcomes. Pedro Gonzalez de Cosio, chief executive of Pharmakon Advisors, said Alphatec aims to be ‘the standard bearer’ in spinal surgery and care and reported net sales of $435m in the first nine months of this year. The loan, which matures in January 2028, charges interest at a three-month secured overnight financing rate (SOFR) – the benchmark for dollar-denominated loans – plus 5.75% a year, subject to a 3% SOFR floor. The fund received a 1% fee on its $35m investment at the signing of the loan and will receive a repayment premium of 3% of the principal amount should it be repaid within 12 months of the signing of the loan, reducing to 2% between 13 months and two years, and 1% after two years. Gonzalez de Cosio said Alphatec’s ‘mission to improve spine care is fuelling exceptional growth’. ‘We are excited to partner with the team in support of that important mission as the company continues to expand profitability and inflects to positive cashflow,’ he said. Just a day after the Alphatec investment, BPCR announced an additional investment in Insmed, a Nasdaq-listed drug developer for rare and serious diseases. BPCR put up $140m of a $350m loan to Insmed in 2022 and is now investing another $60m in a new $150m tranche. This takes its total exposure to the $12bn company to $223.5m. In funding the new tranche, BPCR also made amendments to the loan, including extending the maturity to September 2029 and reducing the interest rate from a three-month SOFR plus 7.75% a year to a fixed rate of 9.6% and adding a 2% exit fee. Last week BPCR topped off these deals with a new investment in Geron Corporation, which develops blood cancer treatments. The biotech company has had a drug approved in the US and is conducting phase three trials on a new drug. BPCR will loan up to $100m across three tranches, the first $50m of which was drawn on 1 November. The second tranche of $30m will be available from 31 December 2025 and the final $20m can be drawn on the achievement of certain revenue milestones. The loan will mature in November 2029 and bear interest at a three-month SOFR plus 5.75%, subject to a 3% SOFR floor. Gonzalez de Cosio said Geron was ‘driving commercial success in the US’ with its drugs and he looked forward to ‘supporting the company and management team as they plan for a potential launch in the EU and continue to develop the asset in additional hematologic malignancies’. Numis analyst Nandi said the fund has ‘deployed significant capital’ this year and has also been active in buying back shares after amending its discount control mechanism in March to improve its ‘flexibility to allocating capital and prevent cash drag’. She said the current 11% discount was ‘an attractive entry point’ for new investors. ‘It has delivered a historic yield of 8% for ordinary dividends, increasing to 11% including special dividends. We believe it has the potential to continue to deliver an attractive yield to investors given the high yield of portfolio, currently 11.5%, post the latest investments.’ Launched at $1 each in 2017, shares in London-listed BPCR have fallen to 87 cents, below their 97.2 cents of NAV at 30 September. |
Posted at 08/11/2024 10:26 by davebowler Panmure-Nearly $200m of new investments recently despite capital constraints with >$100m spent on buybacks YTD Analyst: Shonil Chande Mkt Cap £795m | Share price $0.87 | Prem/(disc) -10.9% | Div yield 14.1% Event BioPharma Credit has recently announced three investments, committing $35m to Alphatec, adding $60m to its existing loan with Insmed, and pledged up to $100m to Geron Corporation. The $100m Geron loan is based on 3M SOFR + 5.75% (with a 3% SOFR floor) and also includes an additional consideration of 2.5% of each tranche paid at funding. BCPR has increased its loan to Insmed, with a new coupon rate fixed at 9.6%. It also includes an exit fee of 2% on any principal payment (scheduled or otherwise) and a one-time additional consideration of 2% of the second tranche paid upon funding. Insmed's sales have grown from $188m in 2021 to an expected $360m this year, improving its financial position. With respect to Alphatec, this is a new investment with BPCR providing $35m. The loan matures in January 2028 and earns interest of 3M SOFR plus 5.75% p/a subject to a 3.00% SOFR floor. The loan includes a number of prepayment fees: 3% of principal for repayments within the first 12 months 2% of principal for repayments between months 13-24 1% of principal for repayments after 24 months but before maturity Exit Fee: 3.25% of any repayment or prepayment Panmure Liberum view BPCR has announced new investments totalling $195m since 31 October 2024. A key focus at the moment is increasing diversification while preserving capital for future investments. This is the reason why BPCR's allocation in the recent investments, such as Alphatec, is lower than the private fund. For relatively smaller investments like Alphatec, BPCR will maintain a c.50/50 split with the private fund, but for larger deals, the allocation is likely to be adjusted to c.60/40 to manage BPCR's capital constraints. BPCR has spent more than $100m on buybacks YTD. BPCR’s shares have delivered a share price total return of 16% YTD and a total distribution yield of more than 20% based on the dividend yield and buybacks YTD. We think it offers very good value at the current price. These are high-returning loans that are well structured. |
Posted at 22/7/2024 08:49 by davebowler Specialist DebtBioPharma Credit CMA clears sale of LumiraDx to RocheAnalyst: Joachim KlementMkt Cap £850m | Share price $0.90 | Prem/(disc) -10.1% | Div yield 11.3%EventOn 19 July 2024, the CMA cleared the proposed acquisition of LumiraDx by Roche. With the CMA's clearance of the acquisition, LumiraDx has started to work with Roche toward finalising the acquisition closing. BPCR is awaiting further confirmation as to the status of the transaction, but Pharmakon Advisors LP cannot comment further beyond what has been made public by the CMA and the two companies involved in the transaction.Panmure Liberum viewWith the clearance by the CMA, BPCR investors will soon be able to draw a line under a rather unhappy episode in an overall successful fund. In particular this news means that BPCR will not have to guarantee more bridge funding beyond the amount provided until end of August, which reduced the potential cash drain ion BPCR. |
Posted at 20/6/2024 18:56 by speedsgh Dividend Declaration - BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to declare an interim dividend in respect of the financial period ending 30 June 2024 of $0.0175 per ordinary share, payable on 31 July 2024 to ordinary shareholders on the register as at 5 July 2024. The ex-dividend date will be 4 July 2024. The Company has chosen to designate the entire amount of this interim dividend as an interest distribution. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest. This will result in a reduction in the corporation tax payable by the Company. The Company is currently paying and continues to target a 7-cent annual dividend per ordinary share... |
Posted at 24/4/2024 10:13 by davebowler Liberum-Major new investment Analyst: Shonil Chande Mkt Cap £865m | Share price $0.88 | Prem/(disc) -10.4% | Div yield 8.0% Event BioPharma Credit has agreed a new senior-secured loan investment of up $100m with Tarsus Pharmaceuticals (a listed US biopharma entity market cap of $1.2bn). BioPharma Credit Investments V will invest up to an additional $100m in parallel. The loan will mature in April 2029 and has the following interest profile: 3-month SOFR plus 6.75% p/a, subject to a 3.75% SOFR floor. Under the terms of the transaction, the Company will invest up to US$100 million across four tranches: Tranche A of $37.5m was drawn on 19 April 2024; Tranche B of $12.5m will be available to be drawn at the election of Tarsus until 31 December 2024; Tranche C of $25m will be available upon achievement of certain revenue thresholds until 30 June 2025; Tranche D of $25m will be available upon achievement of certain revenue thresholds until 31 December 2025. Liberum view This is BPCR’s largest new investment since May 2023 and potentially one of its largest in recent years. At c.5.348% 90-day SOFRA, the loan will pay interest at 12.1% (minimum of 10.5%, taking account of the SOFR floor). YTD, BPCR’s shares have returned 9.9% on a TR basis and the discount has narrowed by 6ppts. We identified BPCR as one of our top picks for this year in our model portfolio note. BPCR’s revised discount control mechanism, effective since late March 2024, provides greater capacity to take advantage of deployment opportunities such as Tarsus, while still maintaining significant support to the shares via repurchases (strong impact based on our tracked indicators). In BPCR’s case, returns from portfolio opportunities are higher than from buybacks. We calculate an ROI from buybacks of c.10% YTD, with a c.+0.5% impact on NAV per share YTD. |
Posted at 09/2/2024 12:21 by speedsgh Q4 dividend announcement which includes another special div taking FY payment to 10.21 cents...-------------------- Dividend Declaration - 2.96 CENT PER SHARE DISTRIBUTION INCLUDES 1.2 CENT SPECIAL DECLARATION BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to declare an interim dividend in respect of the financial period ending 31 December 2023 of $0.02957930 per ordinary share, payable on 15 March 2024 to ordinary shareholders on the register as at 16 February 2024. The ex-dividend date will be 15 February 2024. The Company has chosen to designate the entire amount of this interim dividend as an interest distribution. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest. This will result in a reduction in the corporation tax payable by the Company. The $0.02957930 dividend comprises an ordinary dividend of $0.0175 and a special dividend of $0.01207930. The Company is currently paying and continues to target a 7 cent annual dividend per ordinary share. This will bring total dividends for 2023 to 10.21 cents including special dividends totalling 3.21 cents. |
Posted at 06/2/2024 10:43 by davebowler Liberum-Coherus to prepay 70% of loan Analyst: Shonil Chande Mkt Cap £937m | Share price $0.93 | Prem/(disc) -6.4% | Div yield 7.5% Event Coherus, BioPharma Credit’s fourth largest loan investment as at 31 December 2023, has announced plans to partially prepay $175m of the outstanding $250m principal balance under an existing loan agreement. BPCR, through its stake in the loan, is due to receive $87.5m, with the prepayment expected in Q2 2024. The residual balance on BPCR’s stake in the loan will be $37.5m. Coherus recently announced an agreement to divest its ophthalmology business to Sandoz for $170m, with the deal expected to close in H1 2024. The product in question, Cimerli, accounted for c.54% of Coherus’ revenues. Prepaying most of the loan will reduce Coherus’ expected annual interest payments by c.70%. Pharmakon Advisors, BPCR’s investment advisor, entered into a loan agreement with Coherus in January 2022. The facility provided Coherus with up to $300m, across four tranches, paying interest at 8.25% plus three-month LIBOR p/a, with a LIBOR floor of 1.00%. Loan agreement with Coherus –prepayment fees and make-whole summaries The following summary is based on the loan agreement with Coherus Prepayment fees: Before the third anniversary of the Tranche A Closing Date, the prepayment fee is 3.00% of the principal amount prepaid. After the third anniversary but before the fourth anniversary of the Tranche A Closing Date, the prepayment fee is 2.00%. Thereafter and before the Maturity Date, the prepayment fee is 1.00%. Make-whole amount: In addition to the prepayment fees, a make-whole amount will be payable for full or partial prepayment of a tranche before the second anniversary of the applicable funding. This amount is equal to the foregone interest from the date of prepayment through the second anniversary of the Tranche A Closing Date. Based on the available information, there is not likely to be any make-whole payment for the first two tranches advanced before April 2022. Liberum view We identified BPCR as one of our top picks in the recent model portfolio note. BPCR sits in a sweet spot by providing credit to established life sciences entities that are loathed to dilute their equity base. BPCR will be due prepayment fees from Coherus repaying. Assuming the deal closes in June 2024, we estimate the prepayment fee due to BPCR will be c.$1.75m, based on the $87.5m principal and the 2.0% prepayment fee due after the third anniversary. On a pro-rata IRR basis, we estimate the 70% principal repayment and associated interest paid/loans advanced amounts to a c.12% IRR. As at 31 December 2023, BPCR held cash of $212m. Across the ordinary dividends, special dividends, and share repurchases, BPCR is one of the most significant distributors within Alternative funds. Since the start of 2024, BPCR has spent $33.9m on share repurchases |
Posted at 29/11/2023 08:09 by smidge21 DIVIDEND DECLARATION3.75 CENT PER SHARE DISTRIBUTION INCLUDES 2.0 CENT SPECIAL DECLARATION BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to declare an interim dividend in respect of the financial period ended 30 September 2023 of $0.0375 per ordinary share, payable on 5 January 2024 to ordinary shareholders on the register as at 8 December 2023. The ex-dividend date will be 7 December 2023. The Company has chosen to designate the entire amount of this interim dividend as an interest distribution. Shareholders in receipt of such a dividend will be treated for UK tax purposes as though they have received a payment of interest. This will result in a reduction in the corporation tax payable by the Company. The $0.0375 dividend comprises an ordinary dividend of $0.0175 and a special dividend of $0.0200 The Company is currently paying and continues to target a 7 cent annual dividend per ordinary share. |
Posted at 22/3/2023 09:06 by davebowler LiberumBioPharma Credit Strong income play Analyst: Shonil Chande and Joachim Klement Mkt Cap £1,018m | Share price $0.95 | Prem/(disc) -6.9% | Div yield 7.4% Event BioPharma Credit's NAV per share of 101.4 cents, as at 31 December 2022, represented an increase of 2.1% and a NAV total return of 13.9%. As at 22 March 2023, the investment portfolio comprises c.$1.1bn across 10 transactions, with a weighted average loan life of 3.7 years. Senior secured loans comprised 90% of the invested portfolio with the balance attributable to purchased payments. Within senior secured, 81% are floating-rate loans and 19% are fixed-rate loans. BPCR held cash of $333m at 31 December 2022. BPCR made five investments totalling $665m in FY22, the largest being $325m that was funded to Collegium. Cash totalling $830m was received from five repayments, amortisation payments and the BMS purchased payments. Liberum view Returns in 2022 were well-above BPCR's medium-term annual target of 8-9% (+8% annualised from inception in Mar-17, assuming reinvestment of dividends) and the FY23 dividend is expected to be comfortably covered. The proportion of floating-rate senior loans increased from 46% to 81% in the year. While this is a strategy built around concentrated positions, investments are de-risked by the loan investments (predominantly secured) being to established companies with approved commercial-stage products. Collateral values are assigned only to approved products. The nature of BPCR's strategy means periods of high undeployed cash. The manager remains confident of reinvesting the proceeds given the significant capital needs in the sector. BPCR operates in an attractive area of the debt market where large dedicated lenders are absent. It invests in predominantly secured loans, with counterparties that have approved, commercial-stage products. 97% of BPCR's investments since launch have comprised senior corporate loans and senior royalty loans. Loans are typically structured to offer protection against cash drag from repayments in the form of prepayment fees and make-whole penalties. This was demonstrated by BPCR’s ability to pay a special dividend last year, despite the high level of prepayments. Including the special dividend, BPCR paid total dividends in excess of 13 cents, representing a near 14% yield. We believe the company is well set to deliver further special dividends in 2023, with the ordinary dividend well covered and the portfolio currently generating an 11.7% gross yield, 270bps higher than this time last year. We view the current near 7% discount to NAV as particularly attractive, given the long-term track record of the manager and the strong discount control mechanisms in place (c.$52m of buybacks in 2022). |
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