Biopharma Credit Dividends - BPCR

Biopharma Credit Dividends - BPCR

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Stock Name Stock Symbol Market Stock Type
Biopharma Credit Plc BPCR London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.96 08:40:00
Open Price Low Price High Price Close Price Previous Close
0.96 0.96 0.96 0.96
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Biopharma Credit BPCR Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Posted at 14/9/2022 08:24 by jonwig
And the results are well on track:
Posted at 14/9/2022 08:05 by jonwig
They've scored again, $16m in prepayment fees:
Posted at 27/7/2022 10:50 by speedsgh
Net Asset Value(s) and Monthly Factsheet - HTTPS:// As at the 30 June 2022 the unaudited net asset value per Ordinary Share, including current period revenue, was 100.72 cents. The Company's factsheet will be located on the Company's website, hxxp:// [30/6/22: 100.72 cents per share] [31/5/22: 99.81 cents per share] [30/4/22: 100.83 cents per share] [31/3/22: 100.11 cents per share] [28/2/22: 101.03 cents per share] [31/1/22: 100.07 cents per share] [31/12/21: 99.26 cents per share] [30/11/21: 98.94 cents per share] [31/10/21: 100.23 cents per share] [30/9/21: 99.62 cents per share] [31/8/21: 99.22 cents per share] [31/7/21: 100.38 cents per share] [30/6/21: 99.80 cents per share] [31/5/21: 100.93 cents per share] [30/4/21: 100.27 cents per share] [31/3/21: 99.85 cents per share] [28/2/21: 101.40 cents per share] [31/1/21: 100.84 cents per share] [31/12/20: 100.37 cents per share] [30/11/20: 99.91 cents per share] [31/10/20: 101.13 cents per share] [30/9/20: 101.00 cents per share]
Posted at 20/7/2022 15:49 by pjmurf
I did notice that, not sure what it means. If they were struggling to be a going concern they probably wouldn't be paying down debt early and BPCR wouldn't be expecting the remaining debt to be payed off as per the original agreement. Access to capital is tight everywhere but especially in this sector at the moment. Hopefully someone with an idea of the implications or more of a clue than me looks in on this thread from time to time.
Posted at 28/6/2022 08:56 by davebowler
Liberum; Small NAV gain expected after Epizyme takeover Mkt Cap £1,053m | Share price $0.94 | Prem/(disc) -5.8% | Div yield 7.4% Event Ipsen has agreed to acquire Epizyme, one of the borrower's in BPCR's portfolio (representing 7.4% of total investments). The transaction is expected to close in Q3 2022. The main focus of the acquisition is Tazverik, a small molecule drug for the treatment of several cancer types. The drug was granted accelerated approval by the US FDA in 2020. Epizyme is a biopharmaceutical company focused on cancer and other diseases through novel epigenetic medicines. Biopharma Credit has a $110m outstanding loan to Epizyme. The total facility to Epizyme is $220m, with the remainder funded by Biopharma Credit Investments V. Depending on the time of the prepayment, BPCR expects to receive between $3m-$7m in prepayment and make-whole fees. Liberum view BPCR's loans are typically structured to provide protection against cash drag from repayments in the form of prepayment fees and make-whole penalties. At 31 May 2022, BPCR had cash of $12m and $138m drawn under its credit facilities. We expect robust performance as 58% of the portfolio benefits from floating rate coupons. LIBOR floors on these loans range from 1-2% and further uplifts in LIBOR from current levels will deliver incremental improvements in returns. The prepayment penalties on the Epizyme loan will add between 0.2%-0.5% to NAV. We note recent weakness in the share price and believe the shares offer considerable downside protection at these levels. The company has a discount control mechanism in place if the discount trades at an average discount in excess of 5% in any three-month rolling period.
Posted at 28/6/2022 07:07 by jonwig
Could be better than that. Here's BPCR's statement today: Pharmakon Advisors, the Investment Manager of BioPharma Credit PLC (the "Company") notes the announcement released yesterday by Ipsen ("IPN") regarding the definitive agreement pursuant to which Ipsen will acquire Epizyme Inc ("Epizyme") (the "Transaction"). The Company has a US$110 million investment in a senior secured loan to Epizyme which would be prepaid upon the closing of the Transaction. The loan was made in four different tranches with each tranche having a different prepayment economics. Depending on the actual timing of the prepayment, the Company would be expected to receive between US$3 to US$7 million in prepayment and make-whole fees.
Posted at 27/6/2022 13:35 by gsbmba99
Ipsen offer for Epizyme where BPCR has lent $110m at L+7.75% (2% LIBOR floor) due November 2025 (and Royalty Pharma has a shareholding). Looks like a pre-payment fee of 2% if repaid before November 18 2022 (1% if before November 2023).
Posted at 22/3/2022 08:19 by speedsgh
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - HTTPS:// SHAREHOLDER RETURNS · 7.29 cents per share in total dividends during period referencing net income for the four quarters ended 30 September 2021, once again ahead of the target to distribute at least 7 cents per share · The Company has therefore maintained its record of paying a dividend of at least 1.75 cents per share every quarter since the quarter ended 30 June 2018 · Company NAV was highly stable during the period decreasing by 1.11 cents from 100.37 cents to 99.26 cents · On 30th September 2021 shareholders approved the proposed admission to trade on the premium segment of the Main Market and transfer became effective on 5th October 2021 · In addition, the Company introduced a new additional market quote on 5th October 2021 for the ordinary shares to be denominated in GBP with the ticker BPCP · The Company reported total net income for 2021 of $85m, this compares with $89m reported during 2020 which included $20.5m relating to the change in fair value of its subsidiary BPCR Limited Partnership · There remains no material impact on the credit quality of any loan as a result of the global disruption caused by the Covid-19 pandemic INVESTMENT HIGHLIGHTS In the twelve month-period, the Company's portfolio performed robustly supplemented by further new investment activity and an attractive repayment: · The Company and its subsidiaries invested $238m in new commitments during the period including: o $150m with LumiraDx through a senior secured loan announced on 24th March 2021 o $50m additional expansion of the existing senior secured loan agreement with Global Blood Therapeutics announced on 15th December 2021 o $38m with Evolus through a senior secured loan announced on 15th December 2021 · The Company received an attractive repayment from Sebela totalling $194.2m on 30th June 2021 realising a Gross IRR of 11.2% · Post period end the Company invested significant further capital in three investments: o $325m senior secured loan with Collegium announced on 14th February 2022, as part of this transaction the existing loan commitments with Collegium and BDSI were repaid ($93m and $60m respectively) o Up to $150m senior secured loan with Coherus ($50m deployed immediately, $50m by 1 April 2022 and $50m by 17 March 2023) announced on 10th January 2022 o Up to $50m senior secured loan with UroGen ($37.5m deployed on 16th March 2022 and up to an additional $12.5m by 31 December 2022) announced on 8th March 2022 · The Company's investment manager, Pharmakon Advisors is currently progressing a pipeline of further near term opportunities
Posted at 15/12/2021 09:03 by davebowler
Liberum; New investments of up to $113m in Evolus and Global Blood Therapeutics Mkt Cap £1,008m | Share price $0.97 | Prem/(disc) -3.0% | Div yield 7.5% Event BioPharma Credit has announced two new investments worth $88m immediately and up to $25m over the next 12 months, alongside the BioPharma Credit Investments V fund. The two new counterparties are Evolus (up to $63m) and Global Blood Therapeutics (up to $50m). BPCR had $248m of cash at 31 October 2021. An agreement has been reached with US-based Evolus for a senior secured loan, with BPCR committing $38m in the first tranche, followed by up to $25m by the end of 2022. Evolus markets Jeuveau, a neurotoxin used for aesthetics. The company reported H1 2021 revenue of $64m and trades at a market cap of $300m. The loan will mature in December 2027, paying interest at 3-month LIBOR plus 8.5% p/a, subject to a 1.0% floor along with an additional fee of 2.25% of the loan amount payable upon funding of the first tranche. The Global Blood Therapeutics (GBT) investment follows an amended loan agreement resulting in BPCR investing an additional $50m in the GBT loan. GBT markets Oxbryta (voxelotor), used to treat sickle cell disease. Revenue over the first nine months of the year was $139m. An original $150m loan was agreed with GBT in December 2019 (BPCR invested $83m). The latest agreement for a third tranche totalling $100m (50:50 split between BPCR and BioPharma-V) will mature in December 2025. In exchange for lengthening the maturity of the first two tranches from December 2025 to December 2027, the syndicate will receive a one-time 1.25% fee.
Posted at 15/9/2021 09:32 by davebowler
Liberum; Mkt Cap £970m | Share price $0.98 | Prem/(disc) -2.8% | Div yield 7.5% Event BioPharma Credit's NAV per share at 30 June 2021 was 99.8 cents (previously reported), representing a NAV total return of 3.2% over H1. We estimate look-through recurring EPS of 3.7 cents (1.05x dividend cover) and a capital loss of 0.4 cents. The portfolio generated additional liquidity totalling $124m, including pre-payments. This included $97m from payments from the Sebela loan, including a final prepayment premium totalling $1.5m. The final payment was made on 30 June 2021, with BPCR realising an IRR of 11.2% on the investment. During H1, BPCR and BioPharma-V2 agreed a $300m senior secured term loan with LumiraDx, a UK based diagnostics company. LumiraDx is now the second largest loan in the portfolio behind Sarepta ($350m). At the period-end, BPCR's cash balance was $211.3m, representing 15.5% of NAV. Post-period end corporate updates for the BPCR included: Proposed main market listing - an application has been submitted to trade on the premium segment of the LSE. Continuation resolution brought forward - this has been brought forward by a year from the required five year mark to 30 September 2021 and will be held at the forthcoming AGM. RCF refinanced - the committed RCF with JPMorgan Chase has been reduced from $200m to $50m, while allowing for an increase up to $200m. The margin payable under the RCF has reduced from 4.00% to 2.75%. View BPCR has continued to generate a high level of income, despite the impact of cash drag, with credit quality remained materially unaffected by the pandemic. We believe the current 2.8% discount and 7.5% dividend yield are an attractive entry point for a high quality portfolio that has delivered consistent returns since launching in 2017. The recent corporate announcements should positively support sentiment. Life sciences companies will require substantial capital over the coming years, as the number of number of products undergoing clinical trials continues to grow. The manager continues to report a strong pipeline and the focus will be on deploying resources. The loans are typically structured to provide protection against cash drag from repayments in the form of prepayment fees and make-whole penalties. BPCR's origination pipeline is likely to be further supported by the growing need for acquisition financing. Global life sciences M&A volume over H1 totalled $111bn, a 516% increase on H120.
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