UPDATES TO THE PORTFOLIO

7 August 2020

BioPharma Credit plc

(the "Company")

UPDATES TO THE PORTFOLIO

Pharmakon Advisors, the Investment Manager of BioPharma Credit PLC (the "Company"), notes two recent updates to its portfolio:

Novocure: The Company received a notice of prepayment for its $150 million senior secured loan with Novocure Limited, (NASDAQ: NVCR). As a result, the Company is expected to receive on or before 18 August 2020, approximately $154.8 million, comprised of $150 million in principal, $1.8 million in accrued interest and $3.0 million in prepayment fees. This investment is expected to generate an IRR of 10.2% as a result of the prepayment.

GBT: Global Blood Therapeutics, Inc (NASDAQ: GBT) provided notice to its Lenders of its intention to draw the second tranche of the Term Loan, in the amount of $75.0 million, prior to 31 December 2020 which would increase the Company's investment in GBT from $41.3 million to $82.5 million.

The Company continues to note a highly supportive environment for its investment strategy with an ongoing significant unmet need for specialist credit financing in the life sciences sector. Accordingly, the Company looks forward to updating shareholders on the deployment of available capital against a considerable pipeline of investment opportunities and existing secondary tranche commitments.

Enquiries

BioPharma Credit plc

via Link Company Matters Limited

Company Secretary

+44 (0)1392 477 500

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