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BPCR Biopharma Credit Plc

0.00 (0.0%)
Last Updated: 08:20:38
Delayed by 15 minutes
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
  0.00 0.0% 0.85 507,287 08:20:38
Bid Price Offer Price High Price Low Price Open Price
0.856 0.87
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 218.17M 182.31M 0.1392 4.76 868.04M
Last Trade Time Trade Type Trade Size Trade Price Currency
08:41:51 O 6,000 68.215 USD

Biopharma Credit (BPCR) Latest News (3)

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Date Time Title Posts
01/12/202307:07::: BIOPHARMA CREDIT PLC :::201

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Posted at 01/12/2023 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$0.85.
Biopharma Credit currently has 1,309,266,000 shares in issue. The market capitalisation of Biopharma Credit is £868,043,358.
Biopharma Credit has a price to earnings ratio (PE ratio) of 4.76.
This morning BPCR shares opened at -
Posted at 29/11/2023 08:09 by smidge21


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 01/11/2023 11:13 by davebowler
Liberum -Routine passing of continuation resolution very likely
Analyst: Shonil Chande

Mkt Cap £885m | Share price $0.83 | Prem/(disc) -20.2% | Div yield 8.5%


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 Pharmaceuticals̵7; acquisition in August.

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.
Posted at 27/9/2023 11:07 by davebowler
Assuming Lumirax is c. 15% of the assets then the current discount of c.20% to NAV in effect guards against the worst.
Net asset value per Ordinary Share, including current
period revenue, was 102.39 cents -price today is 84 cents
Posted at 27/9/2023 10:59 by davebowler

Floating rate loans make up 98% of portfolio now
Analyst: Joachim Klement

Mkt Cap £892m | Share price $0.83 | Prem/(disc) -18.7% | Div yield 8.4%


The company released its half-year results for the period ending 30 June 2023. The NAV was previously reported as $1.0178 (up from $1.0139 at end-2022 for a 3.8% NAV total return).

In the first six months of 2023, the company made total investments of $195m, consisting of a $37.5m loan to ImmunoGen on 11 April 2023, $120m for the loan to BioCryst on 19 April 2023, and $37.5m for the loan to Reata on 11 May 2023. On 26 September, Biogen closed on its acquisition of Reata leading to a prepayment of the Reata loan at a significant uplift. The company received $62.5m plus $15.6m in prepayment and make whole fees.

At period end, the company had $157m in cash and $67m available in its credit facility. Post period end, the company made additional investments of $41m, reducing cash holdings (and cash drag) accordingly.

The company provided no new information on the distressed LumiraDX loans. LumiraDX is currently considering strategic alternatives and the investment manager remain actively engaged with LumiraDX to resolve the situation.

Liberum view

The distressed LumiraDX loans are hanging over the fund and prevent the shares from trading at a smaller discount to NAVV, though arguably, the investment portfolio is of high quality and the IRRs generated by the investment advisor are best-in-class. We expect a significant re-rating as the LumiraDX situation gets resolved but that may take time.

In the meantime, we note that the company is shifting more and more toward floating rate loans. At 30 June floating rate notes made up 98% of the portfolio, up from 81% at end-2022. This resulted in an increase of investment returns to $79m in the first half of 2023 compared to $77m in the same period last year. This shift to floating rate notes will come with both and bad changes to the cash flow profile of the fund. In the current high-interest environment, investment income increases with only a short lag and loan valuations do not fluctuate as much as interest rates change. On the flip side, we expect central banks to cut interest rates in H2 2024 as we explained in our First Look into 2024 published yesterday (). This means that investment income will decline as interest rates decline again, creating a lower dividend cover. In essence, the company traded a more stable NAV development for a more volatile income stream.
Posted at 24/8/2023 09:39 by speedsgh
As at the 31 July 2023 the unaudited net asset value per Ordinary Share, including current period revenue, was 103.19 cents. The Company's factsheet will be located on the Company's website, hxxp://
Posted at 18/8/2023 12:28 by speedsgh
Good news for BioPharma Credit as Biogen swoops on Reata -

BioPharma Credit (BPCR), the specialist debt fund struggling with concerns over one of its big loans, is in line for a payday after US biotech company Biogen announced the acquisition of portfolio holding Reata Pharmaceuticals, which could net the investment trust returns of more than 70%, analysts estimate.

In May, the £851m trust agreed a $137.5m senior secured loan to Reata over up to four payments; $62.5m has already been funded. BPCR will be recompensated for that sum, as well as fees for early prepayment.

In an announcement on 31 July, the trust estimated the early repayment fees of 3% would total $15.5m if the transaction closed at the end of September, a sum that is likely to be higher given the trust anticipates completion in the following quarter, when it will have incurred more interest.

The shares rose 1% to 0.85 cents on Monday as investors leapt at the first bit of good news since May, when the dollar-denominated trust flagged its second-largest investment, LumiraDx, which accounts for 12.8% of assets, as a problem loan.

The shares had fallen 13% since their 0.97-cent peak this year in mid-May to 0.84 cents, representing a 14.6% discount to net asset value (NAV).

JP Morgan Cazenove analyst Chris Brown estimated the gross uplift from prepayment fees and make-whole fees would add 0.8% to NAV after performance charges, based on the calculation that BPCR is likely to exceed the 6% hurdle given high interest rates.

He added that the 16.9% discount to NAV at the end of last week was larger than the LumiraDx loans, reflecting that investors have priced in the worst, being a LumiraDx default.

Floating rate loans, whose coupons have risen with interest rate rises, make up 98% of the portfolio, setting the trust on track for another special dividend, which it has paid out every year since launch in 2017.

Maintaining an ‘overweight’ recommendation, he said: ‘Today’s announcement is a helpful piece of positive news for BPCR and a reminder of the attractive returns on offer, including the strong prepayment protections written into all the loans.’

Numis analyst Ewan Lovett-Turner said the positive news demonstrated BPCR’s approach, where the underlying assets it lends to have value to strategic buyers, and flagged the significant early prepayment fees it earns in the event of an acquisition.
Posted at 24/5/2023 06:17 by mondex
From CityWire:

Concerns are rising around BioPharma Credit (BPCR) as the lender to US drugs companies reported ‘problem’; borrower LumiraDx has seen a slide in revenues this year as Covid-19 revenues fizzle out.

Pharmakon Advisors, which manages the £984m investment trust, made a $300m loan to diagnostics platform LumiraDx in 2021, half of which was funded by BPCR, representing 15% of assets, its fifth biggest of 12 loans. The debt matures in 2024 and is secured against LumiraDx’s assets, including the rights to its testing platform, point-of-care diagnostic systems, and its molecular technology.

The size of the loan to the company is now causing nervousness as LumiraDx delivered revenue of just $22.2m in the first three months of the year, a steep fall from the $126m delivered in the same period in 2022, which was the final quarter of Covid-19-related revenues from the Omicron variant. It racked up a loss of $44.1m for the quarter.

Shares in Nasdaq-listed LumriaDx have fallen 8% over the past five days, while BPCR’s 8%-yielding shares have shed 4% to stand at a 1% discount below net asset value.

Over the past year, stock in LumiraDx shares has plunged 87%. The company plans to go back to the market to raise as much as $100m of additional capital this year, having raised around $840m on the stock market as of 31 March, plus an additional $52m in grants from the Bill & Melinda Gates Foundation. However, a capital raise last year saw the stock shed 20% of its value.

Jefferies analyst Matthew Hose said a raise would come with ‘execution risk and would not be enough to cash cover the loan’.

He noted the Nasdaq exchange has notified the company that its shares could be subject to delisting because it failed to meet the $1 minimum bid price.

‘Furthermore, even though the loan has a relatively modest fixed interest rate of 8%, we see a refinancing via a third-party lender as doubtful in the context of the current cash burn,’ said Hose, who downgraded BPCR from ‘hold’ to ‘underperform’.

‘A more likely option, in our view, would be that Pharmakon and BPCR amends and extends the loan.’

The company is currently in the middle of a restructuring, which accounted for a large drop in operating expenses, although BPCR said additional restructuring announced in April is not factored into the accounts.

‘Additional restructuring activities are expected to reduce the global workforce by 40% with expense reductions of $36m per annum with the full impact from June 2023 onward,’ said the trust.

A ‘problem child’
Numis investment trust analyst Ewan Lovett-Turner said it was ‘clearly disappointing to see a large investment…suffering declining sales and a cash shortage’.

However, he said this was not a new problem but a ‘continuation of a trend seen throughout 2022 as Covid-19-related revenues declined for its point-of-care diagnostic systems’.

‘This has been a problem child for BPCR and its adjusted covenants in 2022 to reflect the changing environment,’ he said.

However, Lovett-Turner said the trust had ‘never made a loss on a loan’ thanks to the strength of its underwriting, which is based on borrowers having assets to support the loan.

‘This has often led to troubled companies being acquired, which funds the debt repayment,’ he said.

‘Strengthening the cash position and balance sheet would be welcomed and we expect the results of the equity raise to be closely watched, we note the company has previously had some significant backing from investors such as the Bill & Melinda Gates Foundation. It will be also interesting to see whether there is further corporate action on the horizon.’

Stifel analyst Sachin Saggar said a concentrated loan book like BPCR is ‘always going to have moments where investors are unnerved if borrowers fall materially below expectations’. However, he said disappointing fund updates should not be a ‘bolt from the blue’ and should instead be ‘progressively priced into the NAV, as clearly borrower risk has increased since underwriting’.

He noted that an investor call with LumiraDx focused on product growth and approvals, even in the Q&A section, with ‘no concern around balance sheet’ from investors.

‘It does not appear to us that despite Covid-19 revenues falling off a cliff the company is running into immediate issues, but also that investors would prefer this loan, which is 15% of NAV, to be repaid sooner rather than later,’ said Saggar.

‘This is likely to take some months and in the interim we expect the discount to widen, given we expect the loan to be marked at par.’

Launched in March 2017, BPCR has generated a five-year total shareholder return of 40% from the quarterly dividends it pays.
Posted at 22/3/2023 09:06 by davebowler
BioPharma 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%


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).
Posted at 22/11/2022 11:30 by speedsgh
Net Asset Value(s) and Monthly Factsheet -

As at the 31 October 2022 the unaudited net asset value per Ordinary Share, including current period revenue, was 99.55 cents. The Company's factsheet will be located on the Company's website, hxxp://

[31/10/22: 99.55 cents per share]
[30/9/22: 102.17 cents per share]
[31/8/22: 101.36 cents per share]
[31/7/22: 101.67 cents per share]
[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 28/6/2022 07:56 by davebowler
Small NAV gain expected after Epizyme takeover

Mkt Cap £1,053m | Share price $0.94 | Prem/(disc) -5.8% | Div yield 7.4%


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.
Biopharma Credit share price data is direct from the London Stock Exchange

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