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(Alliance News) - BioPharma Credit PLC on Wednesday reported soft growth in its net asset value per share for the first half of 2023.
The specialist life sciences debt investment trust said its net asset value per share as at June 30 rose 0.4% to USD1.0178 from USD1.0139 on December 31.
Pretax profit rose to USD71 million in the first half of 2023, from USD68 million a year prior.
Total net assets over the six months declined 0.7% to USD1.33 billion from USD1.34 billion.
"We expect our investment pipeline to grow as new products enter the market during the second half of 2023 and we are continuing to develop an attractive pipeline to further diversify our portfolio. We remain focused on our mission of creating the premier dedicated provider of debt capital to the life sciences industry while generating attractive returns and sustainable income to investors and remain confident of our ability to deliver the company's dividend target to investors," said Pedro Gonzalez de Cosio, chief executive officer of Pharmakon Advisors LP, the investment manager of BioPharma Credit.
BioPharma Credit is targeting a seven cent per share annual dividend.
BioPharma Credit shares were flat at 65.60 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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