Biopharma Cred. Regulatory News (BPCR)

15 DECEMBER 2021 

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENTS OF UP TO US$112.5 MILLION  

US$87.5 million immediately deployed in two transactions

BioPharma Credit PLC (the "Company") 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 the two transactions described below where the Company will invest US$87.5 million now and up to an additional US$25.0 million over the next twelve months.

Evolus, Inc. - New counterparty for the portfolio up to $US62.5 million

On 14 December 2021, the Lenders entered into a definitive senior secured loan agreement with Evolus Inc ("Evolus"). The Company will invest up to US$62.5 million and BioPharma-V will invest up to an additional US$62.5 million.

Based in the US, Evolus is a publicly traded biopharmaceutical company with a current market capitalization of ~US$300 million (Ticker: EOLS - NASDAQ). Evolus currently markets Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics. Evolus reported US$64 million in revenues during the first nine months of 2021, an increase of 83 per cent. from the same period in 2020.

Under the terms of the transaction, the Company will invest up to US$62.5 million (US$37.5 million in the first tranche and up to an additional US$25 million by December 31, 2022) and BioPharma-V will invest up to US$62.5 million in parallel, with the Company acting as collateral agent. The loan will mature in December 2027 and will bear interest at 3-month LIBOR plus 8.50 per cent. per annum subject to a 1.00 per cent. floor along with a one-time additional consideration of 2.25 per cent. of the total loan amount payable upon funding of the first tranche.

"We are pleased to partner with Evolus in this transaction," said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "Led by a highly experienced management team, Evolus is ideally positioned to transform the aesthetic market by eliminating the friction points existing for customers today."

Global Blood Therapeutics, Inc - $US50m Loan Expansion

On 14 December 2021 the Lenders entered into an amended and restated loan agreement with Global Blood Therapeutics, Inc ("GBT"). As part of this amendment, the Company will invest an additional US$50 million in the GBT loan.

GBT is a publicly traded, biopharmaceutical company focused on innovative treatments that provide hope to underserved patient communities with a current market capitalization of ~US$1.6 billion. GBT markets Oxbryta TM (voxelotor) for the treatment of sickle cell disease in adults and pediatric patients 12 years of age and older.

Under the original terms of the loan agreement, executed in December 2019, GBT borrowed US$150 million in two tranches and the Company previously invested US$82.5 million with BioPharma-V investing the US$67.5 million balance.

The amendment increases the aggregate principal amount of the loan to US$250 million through a US$100 million third tranche ("Tranche C"), which the parties expect to be drawn in full on or about 24 December 2021. The Company will invest US$50 million of the US$100 million Tranche C and BioPharma-V will invest the US$50 million balance. Tranche C will mature in December 2027 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. payable upon funding and an additional 2.00 per cent. payable upon the repayment of the loan (same fees and coupon as prior tranches).

The Lenders and GBT also agreed to extend the maturity date of the first two tranches from December 2025 to December 2027. In exchange, the Lenders will receive a one-time fee equal to 1.25 per cent. and the three-year make-whole period will reset to December 2021.

"We are delighted to expand our partnership with GBT," said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "GBT reported US$139 million in revenues during the first nine months of 2021, an increase of 68 per cent. from the same period in 2020."

-Ends-

Enquiries

BioPharma Credit plc

via Link Company Matters Limited

Company Secretary

+44 (0)1392 477 509

J.P. Morgan Cazenove

+44 (0)20 7742 4000

William Simmonds

Harry Randall

Buchanan

+44 (0)20 7466 5000 / biopharmacredit@buchanan.uk.com

David Rydell

Mark Court

Jamie Hooper

Henry Wilson

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 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.

LEI: 213800AV55PYXAS7SY24