Biopharma Cred. Regulatory News (BPCR)

BioPharma Credit PLC

11 April 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT OF UP TO US$62.5 MILLION

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP ("BioPharma-V" and jointly with the Company, the "Lenders") has entered into a definitive senior secured loan agreement with ImmunoGen, Inc ("ImmunoGen"). The Company will invest up to US$62.5 million and BioPharma-V will invest up to an additional US$62.5 million in parallel, with the Company acting as collateral agent.

Based in the US, ImmunoGen is a publicly traded biopharmaceutical company with a current market capitalization of ~US$870 million (Ticker: IMGN - NASDAQ). ImmunoGen currently markets ELAHERETM (mirvetuximab soravtansine) in the US, a treatment for FRα positive platinum-resistant ovarian cancer following its accelerated approval by the FDA on 14 November 2022.

Under the terms of the transaction, the Company will invest up to US$62.5 million of which US$37.5 million was drawn at closing in the first tranche and up to an additional US$25.0 million may be drawn by 31 March 2024. The loan will mature in April 2028 and will bear interest at 3-month SOFR plus 8.00 per cent. per annum subject to a 2.75 per cent. floor, along with an additional consideration of 2.00 per cent. The additional consideration with respect to the first tranche was paid at funding and will be due and payable with respect to the second tranche either at the funding of the second tranche or upon expiration of the second tranche commitment.

Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, the Company's investment adviser said:

"We are excited to partner with ImmunoGen as it continues to advance in its mission. Led by a highly experienced management team, ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients by generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles."

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 specialist debt investor to the life sciences industry and joined the LSE in 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 to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.