BioPharma Credit (BPCR), the specialist life sciences lender, has announced two updates relating to its portfolio.
Firstly, the company has received a US$30m partial prepayment from BioCryst Pharmaceuticals, relating to a senior secured term loan originally issued in 2023. The prepayment was part of a broader US$75m repayment announced by BioCryst during its Q1 2025 earnings call. BPCR also received US$1.07m in accrued interest and prepayment fees. The company had originally committed up to US$180m to BioCryst, of which US$120m was drawn. The remaining undrawn tranches expired in September 2024.
Separately, BPCR has committed up to an additional US$41.6m in follow-on funding to Evolus, Inc. as part of an expanded senior secured loan agreement. The revised facility increases the existing US$125m loan to a US$250m structure, consisting of a US$150m new Tranche A and two additional tranches of up to US$50m each. BPCR’s share of the two new tranches is US$20.8m apiece. BioPharma-V, BPCR’s co-lender, funded an immediate additional US$25m under Tranche A at closing.
The revised loan terms extend maturity to May 2030 and lower the interest rate from SOFR +8.50% to SOFR +5.00%, while increasing the SOFR floor from 1.00% to 3.50%. BPCR received a US$625,000 upfront payment tied to the new tranche and will be eligible for further fees upon future drawdowns, as well as a 2% exit fee on any principal repayments.
Evolus, a US-listed aesthetics company, reported revenues of US$266m in 2024, up 32% year-on-year, and recently launched its new Evolysse™ product line.
[QD comment MR: The partial prepayment from BioCryst provides a welcome boost to near-term liquidity for BioPharma Credit, while also underscoring the credit quality of its borrowers. Meanwhile, the upsizing of the Evolus facility shows the manager’s continued ability to recycle capital into higher-yielding opportunities within its specialist remit. Although the reduced coupon on the Evolus loan may trim headline returns, this is offset to some extent by fees and the potential for future tranche funding, all within a structure that remains well-secured and backed by a growing, revenue-generating business.]
