BioPharma Credit plc (BPCR) ORD USD0.01

BioPharma Credit PLC is a United Kingdom-based specialist debt investor to the life sciences industry. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. It 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. The Company may also invest in equity issued by a life sciences company, acquired directly from the life sciences company or in the secondary market. It will seek to create a diversified portfolio of investments by investing across a range of different forms of debt assets issued by a variety of borrowers. It has two wholly owned subsidiaries: BPCR Limited Partnership and BPCR GP Limited. The Company holds a majority of its investments through its financing subsidiary, BPCR Limited Partnership. Its investment manager is Pharmakon Advisors, LP.

To generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. The Company will seek to achieve its investment objective predominantly through direct or indirect exposure to Debt Assets, which include Royalty Investments, Senior Secured Debt, Unsecured Debt and Credit Linked Notes.

• Ongoing charge1.21%
• Annual management charge1.00% of Net Assets
• Performance feeYes

Annual management fee is 1% of NAV. The performance fee is calculated as 10% of returns, subject to High Watermark and a 6% preferred return hurdle with 50% catch up.