Biopharma Cred. Regulatory News (BPCR)

BIOPHARMA CREDIT PLC

("BIOPHARMA CREDIT" OR THE "COMPANY")

NEW INVESTMENT

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to announce that it has entered into a definitive senior secured term loan agreement with Sarepta Therapeutics, Inc. (Nasdaq: SRPT) alongside BioPharma Credit Investments V (Master) LP ("BioPharma-V"). The Company will invest up to US$350 million in two tranches and BioPharma-V will invest up to an additional US$150 million.

Sarepta Therapeutics is a publicly traded, fully integrated biopharmaceutical company focused on precision genetic medicine with a current market capitalization of ~US$7.5 billion. Sarepta is at the forefront of precision genetic medicine, having built an impressive and competitive position in Duchenne muscular dystrophy (DMD) and more recently in gene therapies for Limb-girdle muscular dystrophy diseases (LGMD), MPS IIIA and other CNS-related disorders, totaling over 20 therapies in various stages of development. The Company's programs and research focus span several therapeutic modalities, including RNA, gene therapy and gene editing.

Under the terms of the transaction, the Company will invest up to US$350 million (US$175 million in the first tranche and up to an additional US$175 million by 31 December, 2020) and BioPharma-V will invest up to US$150 million in parallel with the Company acting as collateral agent. The loan will mature in December 2023 and will bear interest at 8.50 per cent. per annum along with a one-time additional consideration of 1.75 per cent. of the total loan amount payable upon funding and an additional 2.00 per cent. payable upon the repayment of the loan.

Sarepta currently markets Exondys 51 (eteplirsen) in the US for the treatment of Duchenne muscular dystrophy (DMD) in patients who have a confirmed mutation of the DMD gene that is amenable to exon 51 skipping. Third quarter 2019 revenues of Exondys 51 were US$99.0 million, a 26% increase over the same quarter in 2018. Last night Sarepta announced the FDA approval of Vyondys 53 (golodirsen), its second RNA exon-skipping treatment for DMD approved in the U.S. and that commercial distribution of Vyondys 53 in the U.S. will commence immediately. As of 30 September, 2019 Sarepta reported US$1.1 billion in cash, cash equivalents and investments.

"We are pleased to partner with Sarepta in this transaction", said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "We believe that Sarepta is well on its way to becoming a leader in precision genetic medicine with an excellent management team, two commercial products in the U.S., and an exciting clinical development program that will one day offer patients additional treatments for rare genetic diseases".

Link Company Matters Limited

Company Secretary

13 December 2019

Enquiries:

Buchanan

David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson

+44 (0)20 7466 5000

Biopharmacredit@buchanan.uk.com

Notes to Editors:

BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.