Activation of Discount Control Mechanism

22 June 2020

BioPharma Credit plc

(the "Company")

activation of discount control mechanism

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, announces that further to Section 9 of its prospectus published 14 March 2018 (the "Prospectus"), the Company will be required to purchase shares in the market as a result of the shares trading in excess of a 5% discount to its Net Asset Value per Ordinary Share over a 3 month rolling period using the methodology described in the Prospectus.

As per the terms of the Prospectus, the Company will, subject to meeting its Target Dividend, use 50% of the Company's capital and income proceeds generated after the conclusion of such 3 month rolling period, to repurchase Ordinary Shares at least until such time as the Ordinary Shares trade at an average discount of 1% or less to the Net Asset Value per Ordinary Share over a 2 week rolling period. The Company intends to meet this commitment and will announce the details of buybacks in due course.

Jeremy Sillem, Chairman of BioPharma Credit commented, "As a result of the extremely volatile equity market conditions, the discount to Net Asset Value at which the Company's shares traded narrowly exceeded 5% over a rolling 3 month period using the methodology described in the prospectus. The action announced today is a testament to the rigorous discount control mechanisms and corporate governance standards of the Company and we are pleased to implement it to enhance value for shareholders."

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

Oliver Kenyon

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