Biopharma Credit Share Discussion Threads

[jonwig] 11/12/2017 07:22

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?

[jonwig] 23/11/2017 06:14

Comment on the first loan:

[jonwig] 21/11/2017 17:10

First investment, quite a big one and a decent return projected:



Latest NAV 99.24c.

[jonwig] 24/10/2017 05:23

BPCR the chief subject here:

[jonwig] 21/9/2017 06:37

H1 results. No closures as yet, but expect to be full invested by March 2018. Meanwhile, market is expecting a lot, with this premium!

[jonwig] 18/9/2017 09:28

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.

[wirralowl] 18/9/2017 08:24

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 :

[jonwig] 18/9/2017 05:32

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.

[wirralowl] 17/9/2017 19:55

Anyone know if the dividend payments here are / will be subject to US withholding tax? TIA.

[jonwig] 20/6/2017 07:49

Premium to nav now 13%.
Factsheet for May:



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.

[jonwig] 25/3/2017 07:17

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.

[jonwig] 25/3/2017 07:11

. .


~~~~~~~~~~~~~~~~~~~~~~~~~~~

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