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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Biopharma Credit Plc | LSE:BPCR | London | Ordinary Share | GB00BDGKMY29 | ORD USD0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.006 | 0.70% | 0.864 | 1,067,952 | 16:35:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 0.858 | 0.87 | 0.87 | 0.85 | 0.854 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 135.74M | 108.45M | 0.0908 | 9.47 | 1.03B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:05 | UT | 6,125 | 0.864 | USD |
| Date | Time | Source | Headline |
|---|---|---|---|
| 05/12/2024 | 16:00 | UK RNS | BioPharma Credit PLC Net Asset Value(s) and Monthly Factsheet |
| 20/11/2024 | 10:45 | UK RNS | BioPharma Credit PLC Holding(s) in Company |
| 20/11/2024 | 10:38 | UK RNS | BioPharma Credit PLC Holding(s) in Company |
| 20/11/2024 | 07:00 | UK RNS | BioPharma Credit PLC Director Declaration |
| 14/11/2024 | 17:39 | UK RNS | BioPharma Credit PLC Director Declaration |
| 12/11/2024 | 07:00 | UK RNS | BioPharma Credit PLC STATEMENT RE IMMUNOCORE HOLDINGS PLC |
| 07/11/2024 | 12:15 | UK RNS | BioPharma Credit PLC NEW INVESTMENT OF UP TO US$250 MILLION |
| 04/11/2024 | 12:16 | UK RNS | BioPharma Credit PLC Director/PDMR Shareholding |
| 01/11/2024 | 11:51 | UK RNS | BioPharma Credit PLC Total Voting Rights |
| 01/11/2024 | 07:00 | UK RNS | BioPharma Credit PLC UPDATE ON INVESTMENT |
Biopharma Credit (BPCR) Share Charts1 Year Biopharma Credit Chart |
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1 Month Biopharma Credit Chart |
Intraday Biopharma Credit Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 25/11/2024 | 14:04 | ::: BIOPHARMA CREDIT PLC ::: | 239 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 15/12/2024 08:20 by Biopharma Credit Daily Update Biopharma Credit Plc is listed in the Finance Services sector of the London Stock Exchange with ticker BPCR. The last closing price for Biopharma Credit was US$0.86.Biopharma Credit currently has 1,194,882,668 shares in issue. The market capitalisation of Biopharma Credit is ยฃ1,027,599,094. Biopharma Credit has a price to earnings ratio (PE ratio) of 9.47. This morning BPCR shares opened at US$0.85 |
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 29/7/2024 09:32 by davebowler Panmure-Roche completes acquisition of LumiraDx assets Analyst: Joachim Klement Mkt Cap £839m | Share price 75.8p | Prem/(disc) -16.6% | Div yield 8.3% Event Roche announced that it had completed the acquisition of the LumiraDx assets after receiving all regulatory clearances. In connection with the closing of the transaction, the amount due to the administrators of LumiraDx is $351.1m and includes $15m holdback from the purchase price, which is expected to be released in accordance within the next 90 days. The company expects to receive 50% of the amounts due to the administrators, less certain expenses, most of which will be returned to the senior secured lenders within the next 10 days and the balance within the next 90 days. Assuming Roche releases the full holdback amount and estimated total expenses of $10m, the company expects to receive approximately $170.6m, which is $3m more than the June 2024 valuation of the position. Altogether, the company expects to recover approximately 96% of its original $206m investment in LumiraDx. Pharmakon notes that the transaction did not involve the sale of LumiraDx’s 81% interest in a Colombian distributor of third party diagnostic products with $13.7m in sales in 2023. The ownership of this asset is expected to be transferred to the senior secured lenders in due course and any proceeds from the sale of these assets would be in addition to the amounts described above. Panmure Liberum view This puts a positive end to the long story of the LumiraDx investment. We think the outcome is very good for BioPharma Credit investors with minimal losses on the investment that may shrink some more if the Colombian distribution assets can be sold at a reasonable price. The completion of the windup of LumiraDx should do two things: ยท It removes uncertainty over the NAV and the assets of BioPharma Credit thus boosting the share price. It should refocus investor attention to the excellent investment track record of Pharmakon Advisors. The chart below, taken from the annual Report 2023 shows that BPCR has managed not only to average Net IRRS of more than 10% in its portfolios but that apart from LumiraDx, the net IRR of every single investment since IPO has been close to or above 10%. The Reata loan repaid in 2023 even had a net IRRR of 106.1%. The discount to NAV of 16.6% is clearly too wide and investors should pick up the fund while they can, in our view. |
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 03/5/2024 08:52 by davebowler Liberum-BioPharma Credit has entered into a new senior-secured loan agreement of up to $400m with Novocure Luxembourg S.a.r.l. (a wholly-owned subsidiary of Novocure Limited, a listed global oncology company with a market cap of $1.38bn). BioPharma Credit Investments V will invest up to an additional $200m in parallel. The loan will mature in May 2029 and has the following interest profile: 3-month SOFR plus 6.25% p/a, subject to a 3.25% SOFR floor, and an additional 2.50% consideration. Under the terms of the transaction, BPCR will invest up to US$200m across four tranches: Tranche A of $50m was drawn on 1 May 2024; Tranche B of $50m is required to be drawn by 30 June 2025, subject to customary conditions precedent; Tranche C of up to $50m will be available upon achievement of certain milestones and revenue thresholds until 31 December 2025; Tranche D of up to $50m will be available upon achievement of certain milestones and revenue thresholds until 31 March 2026. Liberum view This is the third investment in Novocure by BPCR and entities managed by its manager (Pharmakon Advisors). This follows the Tarsus investment announced on 24 April and is another indication that BPCR is now able to strike a balance in capital allocation between portfolio investments and repurchases. This is attractive and is reflected in a YTD share price TR returns of 10.4% and a c.6ppts narrowing in the discount. |
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 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 12/1/2024 15:31 by davebowler Buyback Watch: BioPharma Credit (BPCR)Announced buybacks are back on the agenda after issuing an update on its LumiraDx (LMDX) loan. Over to broker Jefferies for a quick summary: “This announcement marks a successful recovery of BPCR's troubled loan to LMDX. The business being sold to Roche represents 81.5% of the total loan amount outstanding, but 117% of BPCR's current carrying value for its 50% share of the loan, so implying a small c.2% NAV uplift. We also note there could be a further recovery of value for BPCR and the other senior lenders upon liquidation of the company. Importantly, BPCR is likely to be able to resume share buybacks now it is no longer an insider, with the recent EGM circular highlighting $115m of cash available for repurchases (equivalent to c.9% of NAV), aimed at closing the discount into 5%. All together this points to some healthy upside to the current share price, with the shares currently trading on a 16% discount to NAV, not least because the recovery firmly validates the manager's process and the strength of security in protecting the principal value of the loan.” |
Posted at 01/11/2023 11:13 by davebowler Liberum -Routine passing of continuation resolution very likelyAnalyst: Shonil Chande Mkt Cap £885m | Share price $0.83 | Prem/(disc) -20.2% | Div yield 8.5% Event BioPharma Credit has traded at an average discount above 10% over the 12-month rolling period to 31 October 2023, triggering a continuation resolution. A general meeting must therefore be convened, proposing a continuation resolution by 31 December 2023. Liberum view We expect the continuation resolution to pass without incident. This is a vehicle with a strong track record (five-year annualised NAV total return of 9.4%), high distribution capacity, and the potential to significantly return capital via repurchases and deliver another special dividend. BPCR’s current inability to support its shares through repurchases is a result of having two observer seats on the LumiraDx board. C.98% of the portfolio has exposure to floating rate loans and the $0.07 dividend is comfortably covered, excluding the LumiraDx loan. BPCR is thought to have over $220m in cash following Reata Pharmaceuticals̵ BPCR last repurchased shares on 11 July 2023. Given the size of the current discount and BPCR’s capacity to invest a significant portion of its market cap into repurchases, there is potential for material NAV accretion. BPCR repurchased over $50m in shares last year, at a buyback yield of c.3.9%. Within Alternatives, this was the second-largest figure in absolute terms after Balanced Commercial Property (£58m). BPCR’s repurchases represented 16.1% of overall volumes last year (4.8% YTD) and 78% of volumes on the days it was active in the market. Once the LumiraDx loan is cleared up, we would expect a significant increase in share buybacks and the company is also expected to pay a special dividend this year, which it has done each year since 2017. |
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