Overview
BioPharma Credit : BPCR
BioPharma Credit plc provides investors with an opportunity to gain exposure to the fast growing life sciences industry, through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. BioPharma Credit’s primary objective is to generate predictable income for shareholders over the long term.
Once substantially invested, BioPharma Credit will target an annual dividend yield of 7 per cent. (calculated by reference to the Issue Price), and a net total return on NAV of 8 to 9 per cent. per annum in the medium term.
Pharmakon Advisors, the fund’s Investment Manager, was founded in 2009 and has invested US$1.3 billion in 20 transactions across four funds. The first three funds are now fully invested. Drawing upon the expertise and successful track record of Pharmakon Advisors, the fund enjoys access to its extensive, industry-focused knowledge and contacts to source, analyse and structure attractive investment opportunities.
Their website can be reached by clicking this link.
BPCR : BioPharma Credit
You can view our interviews with the company’s Fund Managers below:
24th June 2022: Pedro Gonzalez de Cosio – Weekly Show
Fundamentals
Price
Research History
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
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24 Jun 2022 1 min read
Interview with Pedro Gonzalez de Cosio from BioPharma Credit
In this week’s show, James Carthew talked to Pedro Gonzalez de Cosio, manager of BioPharma Credit. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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17 Apr 2020 8 min read
QuotedData’s Investment Companies Quarterly Review – First Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research The legal bit Unprecedented times We have knitted […]
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07 Oct 2019 6 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
News
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12 Nov 2024 1 min read
QuotedData’s morning briefing 12 November 2024 – 3IN, PCTN, BPCR
In QuotedData’s morning briefing 12 November 2024: 3i Infrastructure (3IN) announced its interim results for the six months to 30 September 2024. The company generated a NAV total return of 5.1% for the period and is on track to deliver its dividend target of 6.33p, 6.3% higher than the previous year which is to be […]
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08 Nov 2024 1 min read
QuotedData’s morning briefing 8 November 2024 – BGLF, BPCR, WKP, NBDX, NBDG
In QuotedData’s morning briefing 8 November 2024: Blackstone Loan Financing (BGLF) has announced that further to the approval given by the company’s shareholders to enable compulsory redemptions of its redeemable ordinary shares and following the first redemption made by the company on 10 June 2024, BGLF has announced that it will return approximately €61m by […]
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01 Nov 2024 1 min read
QuotedData’s morning briefing 1 November 2024 – BPCR, RNEW
In QuotedData’s morning briefing 1 November: BioPharma Credit (BPCR) announced that it has made an additional investment in Insmed Incorporated following its initial loan made in October 2022. The company is investing US$60m in a new US$150m, with BioPharma-V investing US$90m. Together with the accrual and capitalization of the partial paid-in-kind interest, the company’s total […]
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31 Oct 2024 1 min read
BioPharma Credit gets exposure to spine surgery specialist Alphatec
BioPharma Credit has made a new investment in a US$35m tranche of a US$200m senior secured loan to Alphatec Holdings, Inc. BioPharma Credit Investments V (Master) LP also took an additional US$35m tranche. The pre-existing loan was assigned to the BioPharma funds by Braidwell Transaction Holdings LLC – Series I, it will retain the remaining […]
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24 Sep 2024 1 min read
QuotedData’s morning briefing 24 September 2024 – NRR, LMP, BLND, API, BPCR
In QuotedData’s morning briefing 24 September 2024: The boards of NewRiver REIT (NRR) and Capital & Regional (CAL) have reached agreement on the terms of a deal that would see NRR acquire CAL and are recommending shareholders of both companies to vote in favour of it. The deal would see each CAL share receive 31.25p […]
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05 Sep 2024 1 min read
QuotedData’s morning briefing 5 September 2024 – BPCR, INPP, FP, HGT, BGUK, BCPT
In QuotedData’s morning briefing 5 September 2024: BioPharma Credit (BPCR) says it provided $132.925m of funding to Collegium Pharmaceutical to help fund its acquisition of Ironshore Therapeutics. BioPharma Credit already had exposure to Collegium through a $160.4m term loan. BioPharma Credit’s loans are part of a $645.8m senior secured loan funding package that was put […]
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30 Jul 2024 1 min read
QuotedData’s morning briefing 30 July 2024 – FJV, SAIN, NCYF, BPCR, EBOX
In QuotedData’s morning briefing 30 July 2024: Fidelity Japan (FJV) announced its interim results for the six months to 30 June 2024. The company delivered a NAV total return of -2.8% and ordinary share price total return of -6.2%. The TOPIX Total Return Index (in sterling terms) returned +6.2% over the same timeframe. The manager […]
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29 Jul 2024 2 min read
Biopharma Credit updates on acquisition of LumiraDx by Roche
Biopharma Credit (BPCR) says that, following the receipt of the necessary regulatory clearances, Roche Diagnostics Limited can now proceed with its acquisition of certain LumiraDx Group companies. As part of this, a sale and purchase agreement between Roche and Andrew Johnson, Lisa Rickelton and Lindsay Hallam of FTI Consulting LLP as the joint administrators of […]
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22 Jul 2024 3 min read
QuotedData’s morning briefing 22 July 2024 – CYN, BPCR, ONWD, TMI, BCPT
In QuotedData’s morning briefing 22 July 2024: CQS Natural Resources Growth and Income (CYN) has declared its fourth interim dividend of 1.82p per share for the year ended 30 June 2024 (2023: 1.82 pence per share). It has also declared an additional special interim dividend of 1.00p per share, reflecting the fact that underlying core […]
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01 Jul 2024 2 min read
QuotedData’s morning briefing 1 July 2024 – HGT, CORD, BPCR, PINT, APAX, MHN
In QuotedData’s morning briefing 1 July 2024: HG Capital Trust (HGT) has agreed to the sale of F24, a leading European software-as-a-service provider for Business Resilience solutions. The terms of the transaction have not been disclosed and completion is subject to closing conditions. However the transaction will value HGT’s investment in F24 at c.£18.4m. This would […]
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03 May 2024 1 min read
BioPharma Credit announces senior loan to Novocure for up to US$400m
BioPharma Credit (BPCR) is providing debt financing to Novocure Luxembourg S.a.r.l. through a senior secured loan agreement. BPCR will invest up to US$200m and BioPharma-V will invest up to an additional US$200m in parallel, with BPCR acting as collateral agent. Under the terms of the transaction, the company will invest up to US$200m across four […]
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24 Apr 2024 1 min read
Biopharma Credit makes new $100m loan
BioPharma Credit is lending $100m to Trasus Pharmaceuticals. BioPharma Credit Investments V will lend an additional $100m alongside this. Based in the US, Tarsus is a publicly traded biopharmaceutical company with a current market capitalisation of about $1.2bn (Ticker: TARS – NASDAQ). Tarsus currently markets XDEMVY® (lotilaner ophthalmic solution), a treatment for Demodex blepharitis. XDEMVY® […]
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27 Mar 2024 2 min read
Stable dividend boosts BioPharma Credit
BioPharma Credit (BPCR) announced its annual results for the year ended 31 December 2023. The company saw NAV growth of 1.5% over the period while maintaining its record of paying a dividend of at least 1.75 cents per share every quarter since that quarter ending 30 June 2018. Three dividends paid during the year totalled 7.25 cents per share, […]
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13 Feb 2024 2 min read
QuotedData’s morning briefing 13 February 2024 – JGGI, TRIG, INOV, BPCR
In QuotedData’s morning briefing 13 February 2024: JPMorgan Global Growth & Income (JGGI) announced a placing and retail offer of shares in light of the ongoing demand in the market (with a total of 50,975,336 JGGI shares being issued over the last 12 months) and a recent approach by a large wealth manager who has […]
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01 Dec 2023 1 min read
QuotedData’s morning briefing 1 December 2023 – BSIF, USF, BPCR
In QuotedData’s morning briefing 1 December 2023: Bluefield Solar (BSIF) has announced a number of changes to the roles and responsibilities of some of its directors. First, Chris Waldron has now been appointed as a non-executive director of BSIF with effect from 1 December 2023. He has also been appointed to each of BSIF’s established […]
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02 Nov 2023 1 min read
QuotedData’s morning briefing 2 November 2023 – BPCR, MNTN, PHP, AIRE, ESP
In QuotedData’s morning briefing 2 November 2023: BioPharma Credit (BPCR) reports news of resignations at LumiraDX – Ron Zwanziger, (CEO and chairman), David Scott, PhD, (chief technology officer and director), and Jerry McAleer, PhD, (chief scientist and director) have all resigned, each citing the need “to preserve his flexibility to explore all available options” as […]
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01 Nov 2023 1 min read
QuotedData’s morning briefing 1 November 2023 – VEIL, BPCR, TLEI, THRL
In QuotedData’s morning briefing 1 November 2023: Vietnam Enterprise Investments Limited (VEIL) has announced that Mr. Gordon Lawson will step down as chair of the company and resign from the board, both effective 30 June 2024. Mr. Lawson has served as an independent non-executive director of VEIL since July 2014, and as chair since 2022. […]
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04 Aug 2023 1 min read
QuotedData’s weekly news show 4th August 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • ThomasLloyd Energy Impact (0.38) • BioPharma Credit (6:44) Andrew McHattie spoke about Trixtax Big Box REIT & HydrogenOne (10:31). This week’s interview was with […]
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31 Jul 2023 1 min read
BioPharma loan repaid on REATA bid
BioPharma Credit’s manager Pharmakon Advisors notes the announcement released Friday 28 July by Biogen Inc. regarding its definitive agreement to buy Reata Pharmaceuticals Inc. The purchase price equates to an enterprise value of approximately US$7.3bn. Biogen and Reata currently anticipate that this transaction will close in the fourth quarter of 2023. On 11 May 2023, […]
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18 Jul 2023 1 min read
QuotedData’s morning briefing 18 July 2023
Brunner Investment Trust (BUT) provided an update for the six month period to 31 March 2023. NAV per share increased by 1.6% compared to a benchmark return of 0.3% while shares were up 2.3%. Management sited a strict focus on valuation as one of the factors that allowed the company to avoid some of the […]
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03 Jul 2023 1 min read
QuotedData’s morning briefing 3 July 2023
In QuotedData’s morning briefing for 3 July 2023 Riverstone Energy (RSE) has provided an update on its share buyback program, whereby it has entered into an agreement with JPMorgan and Numis to buyback shares through a non-discretionary programme, subject to certain pre-set parameters. This programme will continue from today to the publishing of its next […]
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08 Jun 2023 1 min read
QuotedData’s morning briefing 8 June 2023
In QuotedData’s morning briefing 8 June 2023: Pershing Square (PSH) plans to buy back an additional $100m worth of its shares. Since March 2017, when its buybacks started, it has repurchased over 60m shares at a cost of $1.14bn. BioPharma Credit (BPCR) has agreed amended terms with its borrower LumiraDx. We discussed the problems that […]
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19 May 2023 1 min read
QuotedData’s weekly news show 19th May 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • abrdn Japan (0:36) • BioPharma Credit (8:02) • Gresham House Energy Storage (13:12) This week’s interview was with Michael Anderson from Aquila Capital European Renewables – […]
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2 min read
QuotedData’s morning briefing 19 May 2023
The Unbound Group (UBG) (formerly Electra Private Equity) provided an update follow its strategic review. The company had recently reported that the trading environment remained challenging over Q1 with conditions deteriorating more than expected, leaving the company with cash constraints. As a result the board has decided to initiate a formal review of strategic options available […]
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11 May 2023 1 min read
BioPharma Credit funds Reata Pharmaceuticals
BioPharma Credit and BioPharma Credit Investments V (Master) LP has entered into a definitive senior secured loan agreement with Reata Pharmaceuticals, Inc. The company will invest up to $137.5m and BioPharma-V will invest up to an additional $137.5m in parallel. Based in the US, Reata is a publicly traded (NASDAQ) biopharmaceutical company with a current […]
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19 Apr 2023 1 min read
BioPharma Credit funding BioCryst
BioPharma Credit announced that, together with BioPharma Credit Investments V, it has entered into a definitive senior secured loan agreement with BioCryst Pharmaceuticals, Inc. The company will invest up to US$180.0m and BioPharma-V will invest up to an additional US$270m in parallel, with the company acting as collateral agent. Based in the US, BioCryst is […]
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11 Apr 2023 1 min read
BioPharma Credit lends to ImmunoGen
BioPharma Credithas announced that it has entered into a definitive senior secured loan agreement with ImmunoGen along with BioPharma Credit Investments V. The company will invest up to $62.5m and BioPharma-V will invest up to an additional $62.5m in parallel. $37.5m was drawn at closing in the first tranche and up to an additional $25.0m […]
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22 Mar 2023 2 min read
Impressive dividend bookends solid year for BioPharma Credit
BioPharma Credit (BPCR), the specialist life sciences debt investor, today announced the publication of its annual report for the year ending 31 December 2022. Company NAV was relatively stable, growing slightly over 2% while shares fell by around the same margin from the year prior. Earnings were the strongest in its history thanks predominantly to […]
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21 Nov 2022 1 min read
BioPharma Credit provides senior loan to Immunocore
BioPharma Credit (BPCR) has announced that, together with BioPharma Credit Investments V, it has entered into a senior secured loan agreement with Immunocore Limited. BPCR will invest up to US$50m and BioPharma-V will also invest up to an additional US$50m. Based in the UK, Immunocore is a publicly traded biopharmaceutical company with a current market […]
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20 Oct 2022 1 min read
BioPharma makes $140m loan to Insmed
BioPharma Credit has, together with BioPharma Credit Investments V (Master) LP, entered into a senior secured loan agreement with Insmed Incorporated. The company invested US$140m and BioPharma-V invested an additional US$210m. BioPharma Credit only put up 40% because it needed to hold cash to fund its discount control mechanism. Based in the US, Insmed is […]
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06 Oct 2022 2 min read
QuotedData’s morning briefing 6 October 2022
In QuotedData’s morning briefing 6 October 2022: Pfizer has completed its acquisition of Global Blood Therapeutics. BioPharma Credit (BPCR) had a US$132.5m investment in a senior secured loan to Global Blood Therapeutics which was prepaid upon the closing of the deal. BioPharma Credit received US$175.4m in total, including US$42.9m of accrued interest, paydown, prepayment and […]
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14 Sep 2022 1 min read
BioPharma Credit to benefit from portfolio holding Sarepta Therapeutics loan repayment
BioPharma Credit to benefit from portfolio holding Sarepta Therapeutics loan repayment – BioPharma Credit (BPCR) has published its half-year report for the six months to 30 June 2022. During the period under review, the trust’s combined cash balance decreased by $112m. On 30 June 2022, its ordinary shares closed at $0.9400, below the closing price […]
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12 Aug 2022 1 min read
QuotedData’s weekly news show 12th August 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Independent/Monks • BioPharmaCredit • Trian Investors 1 This week’s interview was with David Smith of Henderson High Income – watch it again here.
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09 Aug 2022 1 min read
QuotedData’s morning briefing 9 August 2022
In QuotedData’s morning briefing 9 August 2022: BioPharma Credit (BPCR) has a US$132.5m investment in a senior secured loan to Global Blood Therapeutics. Yesterday Pfizer Inc. announced a definitive agreement to acquire Global Blood Therapeutics. The loan was invested in three different tranches with each tranche subject to different prepayment economics. Assuming the prepayment occurs […]
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01 Jul 2022 2 min read
QuotedData’s morning briefing 1 July 2022
In QuotedData’s morning briefing 1 July 2022: BMO Private Equity (BPET) has changed its name to CT Private Equity, BMO Commercial Property has changed its name to Balanced Commercial Property, BMO Real Estate Investments has changed its name to CT Property Trust, and BMO Managed Portfolio has changed its name to CT Global Managed Portfolio. […]
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28 Jun 2022 1 min read
QuotedData’s morning briefing 28 June 2022
In QuotedData’s morning briefing 28 June 2022: Pharmakon Advisors, the investment manager of BioPharma Credit (BPCR) says that it notes the announcement released yesterday by Ipsen regarding its planned purchase of Epizyme Inc. BioPharma Credit has a $110m investment in a senior secured loan to Epizyme which would be prepaid upon the closing of the […]
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20 Apr 2022 1 min read
QuotedData’s morning briefing 20 April 2022
In QuotedData’s morning briefing 20 April 2022: abrdn China has entered into a £15m unsecured multicurrency revolving loan facility with Industrial and Commercial Bank of China, London Branch for a two year period. The facility will be utilised for general working capital purposes and for the acquisition of new investments. Under the terms of the […]
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22 Mar 2022 1 min read
BioPharma Credit 2021 dividend uncovered
BioPharma Credit 2021 dividend uncovered by earnings – Over the course of 2021, BioPharma Credit generated an NAV return of 6.2% and a return to shareholders of 4.5% (as the discount widened slightly from 0.8% to 2.5%). Net income per share was 6.18 cents, meaning that the 7.29 cent per share dividend was not covered by […]
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08 Mar 2022 1 min read
BioPharma Credit backs UroGen Pharma
BioPharma Credit backs UroGen Pharma – BioPharma Credit has together with BioPharma Credit Investments V (Master) LP entered into a definitive loan agreement with respect to a senior secured loan to UroGen Pharma, Inc., guaranteed by its parent, UroGen Pharma Ltd. BioPharma Credit will invest up to $50.0m and BioPharma-V will invest up to an […]
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15 Feb 2022 1 min read
QuotedData’s morning briefing 15 February 2022
In QuotedData’s morning briefing 15 February 2022: BioPharma Credit is contributing $325m to the funding of a $650m loan to Collegium Pharamceutical. The company will use the money to support its acquisition of BioDelivery Sciences International – an existing borrower within the BioPharma Credit portfolio. Part of the loan will be funded from the repayment […]
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10 Jan 2022 4 min read
QuotedData’s morning briefing 10 January 2022
In QuotedData’s morning briefing 10 January 2022: Following its decision to terminate its investment management arrangement with KKV Investment Management, Secured Income Fund (SSIF) is now a self managed AIFM. The company has entered into a consultancy agreement to secure the services of one of the individuals previously employed by KKVIM and who has the […]
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15 Dec 2021 2 min read
QuotedData’s morning briefing 15 December 2021
In QuotedData’s morning briefing 15 December 2021: Dunedin Enterprise (DNE) has announced regulatory approval has now been granted for the partial realisation of GPS, which is held via DNE’s interest in Dunedin Buyout Fund III LP. Proceeds now received from the transaction amount to £18.2m, consisting of capital of £15.8m and income of £2.4m. In […]
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08 Oct 2021 3 min read
QD view – 7% yield opportunity, but read the small print
QD view – 7% yield opportunity, but read the small print As we have discussed before, many investors struggle to buy shares in funds that are listed on the Specialist Fund Segment. There are also a few platforms that have a problem with funds that are listed in London but whose quote is in a […]
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2 min read
QuotedData’s morning briefing 8 October 2021
In QuotedData’s morning briefing 8 October 2021: Biopharma Credit’s listing on the International Stock Exchange (TISE) has been cancelled with effect from today. Marwyn Value Investors (MVI) has announced its results from the Zegona tender offer (previously announced on 8 September – click here to read more). In summary, the Marwyn Funds were able to […]
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05 Oct 2021 2 min read
QuotedData’s morning briefing 5 October 2021
In QuotedData’s morning briefing 5 October 2021: Following shareholder approval, BioPharma Credit (BPCR) is transferring to a listing on the Official List of the Financial Conduct Authority and to trading on the Premium Segment of London Stock Exchange’s Main Market. It has also created a sterling line of stock – ticker BPCP – which will […]
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15 Sep 2021 2 min read
QuotedData’s morning briefing 15 September 2021
In QuotedData’s morning briefing 15 September 2021: The Renewables Infrastructure Group (TRIG) has announced the results of its issue (by way of placing) under the its Share Issuance Programme and PrimaryBid Offer announced on 31 August 2021.TRIG will issue 161,290,323 New Ordinary Shares at 124 pence per share, raising gross proceeds of £200m in aggregate. […]
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24 Mar 2021 2 min read
BioPharma Credit to invest $150m in senior secured loan agreement with LumiraDx
BioPharma Credit (BPCR) announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP (“BioPharma-V” and jointly with the Company the “Lenders”) has entered into a US$300m definitive senior secured loan agreement with LumiraDx Investment and LumiraDx Group. BPCR will invest $150m and BioPharma-V will invest an additional $150m. COVID-19 antibody […]
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16 Mar 2021 2 min read
Biopharma Credit looking healthy
Biopharma Credit looking healthy – BioPharma Credit has published its annual report for the period ended 31 December 2020. Highlights are: NAV was fairly flat during the period, decreasing by $0.018 from $1.0217 to $1.0037 8.29 cents per share in total dividends during period, comfortably ahead of the target to distribute at least 7 cents per […]
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09 Nov 2020 2 min read
BioPharma Credit to invest an additional $75m in follicular lymphoma drug maker
BioPharma Credit (BPCR) announced that it, through its fully owned subsidiary, together with BioPharma Credit Investments V has entered into an amended and restated loan agreement with Epizyme, which will see BPCR invest an additional US$75m in the Epizyme loan. This amended loan agreement is dated 3 November. Under the original terms of the loan agreement, […]
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28 Sep 2020 2 min read
QuotedData’s morning briefing 28 September 2020
In QuotedData’s morning briefing 28 September 2020: CVC Credit Partners European Opportunities (CCPE/CCPG) reported interim results to 30 June 2020, with NAV total returns for the Sterling and Euro share classes coming in at (7.95%) and (8.45%), respectively. Chairman, Richard Boléat, had this to say: “Performance of risk assets as a whole since 30 June has […]
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16 Sep 2020 2 min read
BioPharma Credit interim period investments total $236m
BioPharma Credit (BPCR) has published interim results to 30 June 2020. The company says it is London’s only specialist debt investor to the life sciences industry. It seeks to achieve returns primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products. NAV per share decreased […]
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1 min read
QuotedData’s morning briefing 16 September 2020
In QuotedData’s morning briefing 16 September 2020: UK equity income sector company, Law Debenture Corporation (LWDB), said it remained committed to at least maintaining 2019 full-year dividend level of 26p. LWDB is a unique combination of an equity portfolio and independent professional services business. LWDB said today that “we approached 2020 with a professional services business […]
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10 Sep 2020 2 min read
QuotedData’s morning briefing 10 September 2020
In QuotedData’s morning briefing 10 September 2020: Capital & Counties has sold a block of property, that it has dubbed “the Wellington block”, for £76.5m. The block comprises 25-31 Wellington Street, 23 Wellington Street, 15 Exeter Street, 12 & 14 Burleigh Street and Burleigh House, currently providing approximately 66,000 square feet of lettable space. The buyer […]
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30 Jul 2020 1 min read
BioPharma anticpates Lexicon prepayment
BioPharma anticpates Lexicon prepayment – BioPharma Credit has a $124.5m loan to Lexicon Pharmaceuticals (part of a $150m loan) which is secured against its XERMELO® (telotristat ethyl) product. Lexicon is planning to sell XERMELO to TerSera Therapeutics for $224m. BioPharma believes that Lexicon will use the upfront proceeds from the XERMELO sale to substantially reduce its debt, including […]
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21 Jul 2020 1 min read
QuotedData’s morning briefing 21 July 2020
In QuotedData’s morning briefing 21 July 2020: BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and […]
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13 Jul 2020 1 min read
QuotedData’s morning briefing 13 July 2020
Ruffer (RICA), the flexible investment sector fund, delivered total NAV and share price returns of 10.1% and 12.4%, respectively, over the year ending period to 30 June. The portfolio’s protective assets led returns through the downturn, with positive contributions over the last six months coming from credit protection (+6.2%), gold (+5.1%), index-linked bonds (+3.9%) and option protection (+3.3%). The equity book was […]
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22 Jun 2020 1 min read
BioPharma Credit’s discount control mechanism activated
BioPharma Credit (BPCR), the specialist life sciences debt investor, has announced that its discount control mechanism has been activated. 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 NAV over a three-month rolling period, using the methodology described in the company’s […]
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26 May 2020 1 min read
QuotedData’s morning briefing 26 May 2020
In QuotedData’s morning briefing 26 May 2020, as the lockdown begins to ease: FastForward Innovations says its medicinal cannabis investment, Emmac Life Sciences will manufacture product for a clinical trial as part of a Consortium led by the University of Valencia. The clinical trial in COVID-19 patients will use the T12 molecule to prevent disease progression […]
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10 Mar 2020 4 min read
BioPharma Credit significantly increased its scale over 2019
BioPharma Credit (BPCR) has published annual results to 31 December 2019. The company says it is London’s only specialist debt investor to the life sciences industry. The company seeks to achieve returns for its shareholders primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences […]
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07 Feb 2020 1 min read
BioPharma funds Collegium Pharmaceutical
BioPharma funds Collegium Pharmaceutical – BioPharma Credit has made a senior secured term loan agreement with Collegium Pharmaceutical, Inc. (traded on Nasdaq with the ticker COLL, with a current market capitalisation of about $680m). The company is investing alongside BioPharma Credit Investments V (Master) LP. The company will invest $165m and BioPharma-V will top that up […]
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19 Dec 2019 1 min read
BioPharma Credit funds Global Blood Therapeutics
BioPharma Credit funds Global Blood Therapeutics – BioPharma Credit has entered into a definitive senior secured term loan agreement with Global Blood Therapeutics, Inc. (Nasdaq: GBT) alongside BioPharma Credit Investments V (Master) LP. The company will invest up to US$82.5 million in two tranches and BioPharma-V will invest an additional US$67.5 million. Global Blood Therapeutics […]
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16 Dec 2019 2 min read
BioPharma Credit loan to Sarepta as FDA approves Vyondys
BioPharma Credit loan to Sarepta, as FDA approves Vyondys BioPharma Credit (BPCR), the LSE-listed life sciences debt investor, is to extend a loan of up to $350m to the US listed biotech, Sarepta Therapeutics (Nasdaq: SRPT), as part of a $500m senior secured term loan arranged by its manager Pharmakon Advisors, with the remainder provided […]
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13 Nov 2019 1 min read
New investments from BioPharma Credit
New investments from BioPharma Credit – BioPharma Credit (BPCR) has announced that it has entered into two separate loan agreements to invest US$52.5m now and up to an additional US$32.5m over the next twelve months. Epizyme – epigenetic therapies On 4 November 2019, BPCR entered into a definitive senior secured term loan agreement for up to […]
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13 Sep 2019 2 min read
BioPharma lends up to $150m to OptiNose
BioPharma lends up to $150m to OptiNose – BioPharma Credit will lend, alongside BioPharma Credit Investments V, up to $150m via senior secured notes issued by OptiNose US, Inc. BioPharma Credit’s share of the transaction will be up to US$82.5 million and its initial investment US$44.0 million. (BioPharma Credit Investments V (Master) LP is a private fund also […]
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04 Sep 2019 1 min read
BioPharma to spend $600m cash pile by year end
BioPharma to spend $600m cash pile by year end – in its interim results, covering the first half of 2019, BioPharma Credit reports that $165.7m was invested in total of which: $80m went to a senior secured loan commitment to BioDelivery Sciences on 23 May 2019 The first tranche of $60m was drawn on 28 May […]
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30 Jul 2019 1 min read
BioPharma updates on Lexicon
BioPharma updates on Lexicon – BioPharma Credit has updaed the market following an announcement from Lexicon Pharmaceuticals, Inc. Sanofi has made a notice of termination in relation to its collaboration and license agreement with Lexicon for the development and commercialization of Zynquista. Sanofi’s actions do not impact XERMELO(R) which is marketed by Lexicon in the US […]
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29 May 2019 2 min read
BioPharma Credit makes new loan to BioDelivery Sciences
BioPharma Credit makes new loan to BioDelivery Sciences – BioPharma Credit has entered into a senior secured term loan agreement for up to US$80 million with BioDelivery Sciences International, Inc. (Nasdaq: BDSI), a commercial-stage specialty pharmaceutical company with a current market capitalisation of approximately US$400 million. In addition, BioPharma Credit bought 5,000,000 BDSI shares at […]
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05 Mar 2019 2 min read
BioPharma Credit increases diversity of portfolio
Biopharma Credit increases diversity of portfolio – BioPharma Credit has published their annual report for the 2018 year. They have invested in three new companies totalling $494 million which greatly increased the scale and diversity of their portfolio. They have also deployed a further $164 million to support previous investment agreements. Tesaro Inc. was acquired […]
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23 Jan 2019 1 min read
BPCR gains windfall profit on Tesaro loan
BPCR boosted by windfall profit on Tesaro loan BioPharma Credit (BPCR), the LSE-listed investment vehicle that specialises in providing loans to biotech companies, is to receive a windfall profit from the early repayment of a $500m loan (of which it provided 64%) to Tesaro last year. This follows the completion of the acquisition of Tesaro, […]
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20 Sep 2018 1 min read
BioPharma Credit extends loan to Amicus
BioPharma Credit extends loan to Amicus – BioPharma Credit (BCPR) has entered into a $150m, five-year loan agreement with Amicus Therapeutics, a US-based biotech focused on rare disease. The senior secured loan will have a 2.0% additional consideration and bears interest at Libor plus 7.5% subject to a floor of 1% and certain caps. The loan is interest […]
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02 May 2018 1 min read
BioPharma Credit leads new $315m loan to Sebela
BioPharma Credit leads new $315m loan to Sebela BioPharma Credit (BPCR), the LSE-listed specialist life sciences debt investor, is to act as lead investor and collateral agent for a US$315m term loan to Sebela Pharmaceuticals, a US privately-held commercial-stage speciality pharmaceutical company focused on gastrointestinal, dermatology and women’s healthcare. BioPharma Credit will provide $194m of the loan principal […]
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06 Apr 2018 2 min read
BB Biotech may have to take hit on Incyte stake
BB Biotech may have to take hit on Incyte stake Switzerland’s BB Biotech (BBB.S) looks set to be in for a difficult month in terms of performance as a result of the negative result reported in a Phase III trial of a drug from Incyte Pharmaceuticals (Nasdaq:INCY), which was the trust’s third largest holding accounting […]
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08 Mar 2018 2 min read
$300m C share issue planned for BioPharma Credit
$300m C share issue planned for BioPharma Credit – BioPharma Credit has released its first annual results, covering the period from launch to 31 December 2017. The NAV at the end of the period was $1.0091, up from 98 cents immediately after launch. The original target was to pay a 4% dividend per annum. It declared interim […]
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09 Feb 2018 1 min read
BioPharma Credit makes $150m loan to NovoCure
BioPharma Credit makes $150m loan to NovoCure – BioPharma Credit has entered into a definitive term senior secured loan agreement for US$150 million with NovoCure Limited (NASDAQ: NVCR), a commercial stage oncology company with a current market capitalisation of approximately US$1.9 billion. The US$150 million loan will mature in February 2023 and bears interest at 9.0% […]
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18 Dec 2017 1 min read
Investment Trust Insider on Biotech
Investment Trust Insider on Biotech – inspired by the launch of our biotech news service on QuotedData, I wrote something for Citywire that looks at some of the exciting stories that have been published just in the last couple of weeks. James Carthew: biotech boom boosts generalist trusts This week I am returning to the […]
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11 Dec 2017 1 min read
BioPharma Credit acquires royalty interest in diabetes drugs
BioPharma Credit acquires royalty interest in diabetes drugs – In its third deal announced in rapid succession, BioPharma Credit has purchased from Royalty Pharma Investments (RPI) a 50% interest in a former Bristol-Myers Squibb-owned royalty stream on two AstraZeneca diabetes drugs. The royalty interested was acquired by RPI from Bristol Myers Squibb on 14 November 2017 and relates to sales of Onglyza […]
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05 Dec 2017 2 min read
BioPharma secures second deal for up to $200m
BioPharma secures second deal for up to $200m – BioPharma Credit PLC has announced that it and BioPharma Credit Investments IV, S.àr.L., entered into a definitive term loan agreement for up to US$200 million with Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX), a fully integrated biopharmaceutical company with a current market capitalisation of approximately US$1.0bn. Lexicon markets XERMELO® (teloristat […]
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28 Nov 2017 1 min read
Investment Trust Insider on the importance of diversification
Investment Trust Insider on the importance of diversification James Carthew: Herald shows Woodford and Biopharma the importance of diversification A month ago I wondered when Biopharma Credit (BPCR), the biggest investment company launch of the year, would get its flotation proceeds invested. Last week it took a big step towards answering this question by committing […]
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22 Nov 2017 2 min read
BioPharma Credit makes first major investment since IPO
BioPharma Credit makes first major investment since IPO – BioPharma Credit PLC says that, on 21 November 2017, it and BioPharma Credit Investments IV, S.àr.L.entered into a definitive loan agreement for up to US$500 million with TESARO, Inc. (NASDAQ: TSRO), a oncology focused biopharmaceutical company with a market capitalisation of US$4.5 billion. TESARO has commercial […]
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31 Oct 2017 1 min read
Investment Trust Insider on BioPharma Credit
Investment Trust Insider on BioPharma Credit James Carthew: don’t let Biopharma’s slow start give you the wrong impression (title by Citywire!!) This week I’m revisiting Biopharma Credit (BPCR) which I last wrote about at the end of March, when it listed having raised £610 million. As things stand, it still holds the top slot for […]
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23 Sep 2024 1 min read
Investment trust insider on good news for the investment companies sector
Investment trust insider on good news for the investment companies sector – James Carthew: Trusts that should rally on costs reform and rate cuts There was no pool of capital waiting to pounce on last week’s good news so there is still time to grab a bargain before over-sold investment companies start to bounce. On cost […]
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21 Aug 2024 1 min read
Debt funds’ new lease on life
By James Carthew, QuotedData, 20 August 2024: The 0.25% reduction in the Bank of England base rate on 31 July may not sound much but it marked the first interest rate cut in four years and signalled that the UK’s bout of elevated inflation that began in April 2021 was finally under control. A lot […]
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02 May 2024 2 min read
Tapping into private credit
JENNIFER HILL for Citywire Wealth Manager, 2 May 2024: Private equity houses expanding into lending segments vacated by the banking sector following the global financial crisis have supercharged growth in private credit and given investors greater access to an increasingly diverse opportunity set. Private credit is now the second largest private market strategy […]
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15 Dec 2023 2 min read
The investment trusts facing crunch continuation votes
by Dave Baxter, Investors’ Chronicle, 15 December 2023: The optimists would have you believe that the worst is finally over for the investment trust sector. Interest rates have apparently peaked, wide share price discounts are likely to limit further falls and the reform of cost disclosure requirements could remove one of the many challenges facing […]
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30 Nov 2023 1 min read
Debt investment trust yields stand out – but are they safe?
by Dave Baxter, Investors’ Chronicle, November 29, 2023: The sharp rise in bond yields has had inescapable implications for many an asset class. With the UK 10-year government bond offering a ‘risk-free’ yield of more than 4 per cent, anything racier needs to justify its place in a portfolio with superior growth or income. A […]
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05 Jul 2023 1 min read
The funds and trusts that can’t be replaced with an ETF
by Sam Benstead from interactive investor, 5 July 2023: When it comes to sales, there has only been one winner in the active versus passive fund battle over the past decade, with the latter cleaning up. In 2007, before the financial crisis struck, the amount held in tracker funds was a mere £29 billion, which […]
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27 Mar 2023 1 min read
Investment trust insider on debt funds
Investment trust insider on debt funds – James Carthew: Float your eye over debt funds As interest rates continue to climb, the future returns available from debt funds are looking more interesting. However, the picture is clouded by concerns about defaults. Some closed-end funds that should probably be raking in new money from investors are […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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22 Feb 2022 1 min read
Fund and trust ideas to income-boost portfolios to beat inflation
Cherry Reynard from interactive investor 15th February 2022: Four types of funds yield 5% plus. Cherry Reynard runs through the options, risks and potential rewards… In general, there are four types of investment that generate a yield in excess of 5%. The first are conventional equity income strategies… The second type of high-income fund operates at […]
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11 Sep 2019 1 min read
Investment trust insider on BioPharma Credit
Investment trust insider on BioPharma Credit – James Carthew: a good testing time for BioPharma Credit Last week I mentioned that the largest fund in the AIC’s three debt sectors is the £1.4 billion BioPharma Credit (BPCR), whose investment approach of lending to revenue-generating life sciences companies has attracted a large fan base, helped by an […]