Biopharma Cred. Regulatory News (BPCR)

BioPharma Credit PLC

6 February 2024

BIOPHARMA CREDIT PLC

(THE "COMPANY")

STATEMENT RE COHERUS BIOSCIENCES, Inc.

Pharmakon Advisors, LP, the investment manager of the Company, notes the filing of a Form 8-K made on 5 February 2024 by Coherus Biosciences, Inc. ("Coherus"). Subject to the closing under the Purchase Agreement (as referenced below), Coherus plans to make a partial prepayment of $175,000,000 of the outstanding principal balance of $250,000,000 under the Existing Loan Agreement. The Company's portion of such partial principal prepayment would be $87,500,000. Coherus anticipates making such partial prepayment in Q2 2024.

The Form 8-K is copied below in part for convenience and can be found in its entirety at: Coherus Form 8-K Report.

"On February 5, 2024, Coherus BioSciences, Inc. (the "Company"), as borrower and on behalf of itself and certain of its subsidiaries, entered into a Consent, Partial Release and Third Amendment to Loan Agreement (the "Consent and Amendment") with Biopharma Credit PLC, a public limited company incorporated under the laws of England and Wales, as collateral agent (the "Collateral Agent"), BPCR Limited Partnership, a limited partnership established under the laws of England and Wales, as a lender ("BPCR"), and Biopharma Credit Investments V (MASTER) LP, a Cayman Islands exempted limited partnership acting by its general partner, BioPharma Credit Investments V GP LLC (as a lender, and together with as BPCR, each, a "Lender" and collectively, the "Lenders"), pursuant to which the Lenders and the Collateral Agent provided certain consents, and released certain assets and subsidiaries of the Company from their obligations under the Existing Loan Agreement and the other loan documents in connection therewith, and the parties thereto agreed to amend the previously disclosed loan agreement dated as of January 5, 2022 (as amended on April 7, 2022 and February 6, 2023, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date of the Consent and Amendment, the "Existing Loan Agreement") among the Company, certain of its subsidiaries, the Collateral Agent and the Lenders.

Pursuant to and subject to terms and conditions in the Consent and Amendment, among other things: (1) the Lenders and the Collateral Agent provided consent to consummation of the transactions contemplated by that certain Purchase and Sale Agreement dated as of January 19, 2024 (the "Purchase Agreement") by and between the Company and Sandoz Inc., a Delaware corporation, and released certain subsidiary of the Company from its obligation and certain assets subject to the transactions contemplated thereby, (2) the Lenders and the Collateral Agent permitted the Company to make a partial prepayment of the principal of the loans outstanding under the Existing Loan Agreement in the amount of $175,000,000 upon consummation of the transactions contemplated by the Purchase Agreement, subject to certain conditions and (3) the parties thereto agreed to adjust the minimum net sales covenant level under the Existing Loan Agreement.

Other terms of the Existing Loan Agreement, as amended by the Consent and Amendment, remain generally identical to those under the Existing Loan Agreement.

The above description of the material terms of the Consent and Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Consent and Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference."

Pharmakon Advisors, LP will continue to provide updates in due course.

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. BioPharma Credit PLC seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. BioPharma Credit PLC 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.