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 Global Blood Therapeutics, Inc. (Nasdaq: GBT) alongside BioPharma Credit Investments V (Master) LP ("BioPharma-V"). The Company will invest up to US$82.5 million in two tranches and BioPharma-V will invest an additional US$67.5 million.

Global Blood Therapeutics is a publicly traded, biopharmaceutical company focused on innovative treatments that provide hope to underserved patient communities with a current market capitalization of ~US$4.7 billion. GBT recently obtained FDA approval for its first product, Oxbryta TM (voxelotor) for the treatment of sickle cell disease in adults and pediatric patients 12 years of age and older. As of 30 September 2019, GBT reported cash, cash-equivalents and marketable securities of US$683 million.

Under the terms of the transaction, the Company will invest up to US$82.5m (US$41.25m in the first tranche and up to an additional US$41.25m by December 31, 2020) and BioPharma-V will invest up to US$67.5m in parallel, with the Company acting as collateral agent. The loan will mature in December 2025 and will bear interest at 3-month LIBOR plus 7.00 per cent. per annum subject to a 2.00 per cent. floor along with a one-time additional consideration of 1.50 per cent. of the total loan amount payable upon funding and an additional 2.00 per cent. payable upon the repayment of the loan.

"We are pleased to partner with Global Blood Therapeutics in this transaction", said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "Led by an excellent management team, Global Blood Therapeutics is bringing to market a first-in-class therapeutic that is a new treatment option for an underserved patient population suffering from a lifelong inherited blood disorder".

Link Company Matters Limited

Company Secretary

18 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.