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IN BRIEF: BioPharma Credit Net Asset Value Dips; Portfolio "Resilient"

Wed, 16th Sep 2020 17:51

BioPharma Credit PLC - Exeter-based life sciences debt investment trust - Net asset value per share USD1.0033 as at June 30, down 1.8% from USD1.0217 December 31. "During the period, the Covid-19 pandemic led to restrictions to the movement of people and disruption to business operations. Thus far the portfolio has proved resilient." Due to "extremely volatile equity market conditions", discount to NAV of shares exceeds 5%, triggering discount control resulting in repuchase of 59,694 shares after H1 close. Share price has since recovered. BioPharma Credit pays dividends totalling USD0.0478 per share in the period, up from USD0.0368 per share in the first half of 2019.

Pedro Gonzalez de Cosio, chief executive of BioPharma Credit's investment manager: "The environment continues to be attractive for the Company's investment strategy given the considerable and growing capital needs of the sector. This will be potentially enhanced by an anticipated increase in sector M&A activity and a slowdown in equity issuance that has tended historically to lead to a greater appetite for fixed income as a source of capital for the life sciences industry."

Current stock price: USD1.02

Year-to-date change: down 0.5%

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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