BioPharma Credit PLC USD · LSE:BPCP

BioPharma Credit PLC USD — BioPharma Credit — Investor Presentation (September 2025)

29 slides from BioPharma Credit PLC USD's investor presentation, September 2025

  1. Slide 1: Debt Capital for the Life Sciences Industry

    Debt Capital for the Life Sciences Industry COMPANY PRESENTATION – September 2025 For additional information please email: ir@bpcruk.com or visit BioPharma Credit PLC’s website at www.bpcruk.com

  2. Slide 2: Disclaimer

    Disclaimer This presentation of information relating to BioPharma Credit PLC (“BPCR”) is confidential and is intended solely for the information and exclusive use of the person to whom it has been provided. It is not to be reproduced, or transmitted, in whole or in part, to third parties. This prese

  3. Slide 3: Experienced Investment Team

    Experienced Investment Team Pharmakon Advisors, LP Pedro Gonzalez de Cosio Martin Friedman Pablo Legorreta Co-Founder, Principal and CEO Principal Co-Founder and Principal  Co-founded Pharmakon in 2009  Joined Pharmakon in 2011 Co-Founded Pharmakon in 2009 after 17 years in structured after 18 ye

  4. Slide 4: Investment Opportunity – Summary

    Investment Opportunity – Summary Investments in Approved Life Sciences Products – No Clinical Trial or Approval Risk  Debt investments backed by life sciences products (drugs, devices and diagnostics)  Collateral value assigned only to approved products in their approved indications and territorie

  5. Slide 5: BPCR has generated consistent returns since IPO

    BPCR has generated consistent returns since IPO1 BPCR annualized2 dividends per share in US$ $0.14 Interim Special $0.12 $0.10  Interim dividend has consistently $0.08 met the annualized $0.070 target $0.06 for almost seven years $0.04 $0.02 $0.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 to Dat

  6. Slide 6: Realized Gross / Net IRR

    Investment track record of mostly singles and doubles – Emphasis on consistency and reduced risk Unlevered Returns have been consistent over the years (43 Realized Transactions)1 160%2 Realized Gross IRR Older Investments 70% Realized Net IRR BPCR Investments 120%2 60% 50% Realized Gross / Net IRR 3

  7. Slide 7: The right structure / LTV helps generate attractive returns on debt

    The right structure / LTV helps generate attractive returns on debt irrespective of equity performance Life Sciences Debt Investments were less risky and are generally exposed to less volatility than an equity investment in the corresponding issuer ■ The chart below shows the gross and net multiple

  8. Slide 8: New investments have allowed BPCR to broaden its diversification

    New investments have allowed BPCR to broaden its diversification and deploy cash from capital raises and loan repayments Evolution of BPCR Portfolio since IPO1 (US$m) $1,800 Cash Seed Assets $1,600 Other Realized (repaid) Investments Outstanding Investments $1,400 $1,200 $1,000 $800 Refresh link MK/

  9. Slide 9: BPCR currently has ~$1.2bn invested across transactions

    BPCR currently has ~$1.2bn invested across 13 transactions1 ($ millions) BPCR Investment 2 Original Loan Projected IRR Share (%) Share ($) Total Outstanding Remaining Outstanding Balances + Cash Amt. to Maturity3 Invested Balance Tranches (As at 4 September 2025) Collegium $645.8 10.2% 50% & 40% $29

  10. Slide 10: BPCR’s portfolio is currently composed of senior secured loans to listed companies

    BPCR’s portfolio is currently composed of senior secured loans to listed companies1 Investment: Original Inv. Date: November 1, 2017 February 13, 2020 2 December 14, 2021 4 March 7, 2022 5 October 19, 2022 6 April 17, 2023 Structure: Royalty Stream Secured Loan Secured Loan Secured Loan Secured Loan

  11. Slide 11: Current Valuation of BPCR Portfolio

    Current Valuation of BPCR Portfolio1 ■ The majority of BPCR’s investments are private loans that do not have an observable market value and are classified as “Level 3 Investments” or “unlisted investments”. The fair values of the “unlisted investments” are determined principally by reference to disc

  12. Slide 12: $125m senior secured corporate loan

    $125m senior secured corporate loan  Precigen: Dedicated discovery, clinical and commercial stage company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases  Market Cap: $1.4bn as of September 4, 2025  Cash: $60m

  13. Slide 13: $275m senior secured corporate loan

    $275m senior secured corporate loan BPCR Share: $25m  Paratek: Privately held pharmaceutical company providing innovative specialty therapies for community care providers and specialists. Paratek was acquired in 2023 by B-FLEXION and Novo Holdings. On May 21, 2025, Paratek acquired OptiNose, a spec

  14. Slide 14: $250m senior secured corporate loan

    $250m senior secured corporate loan  Evolus: Biopharmaceutical company with a customer-centric approach focused on delivering breakthrough performance beauty products  Market Cap: $486m as of September 4, 2025  Cash: $62m as of June 30, 2025  LTM Sales: $278m as of June 30, 2025  Main Products:

  15. Slide 15: $250m senior secured corporate loan

    $250m senior secured corporate loan  Geron: A commercial-stage biopharmaceutical company focused on blood cancer  Market Cap: $880m as of September 4, 2025  Cash: $433m as of June 30, 2025  LTM Sales: $164m as of June 30, 2025  Main Product: Rytelo (imetelstat) is approved in the US for the tre

  16. Slide 16: $547m senior secured corporate loan

    $547m senior secured corporate loan  Insmed: Global biopharmaceutical company focused treating patients with serious and rare diseases  Market Cap: $30.1bn as of September 4, 2025  Cash: $1,857m as of June 30, 2025  LTM Sales: $398m as of June 30, 2025  Main Products: ❖ Arikayce (amikacin lipos

  17. Slide 17: $200m senior secured corporate loan

    $200m senior secured corporate loan BPCR Share: $35m  Alphatec: A medical device company that designs, develops, and markets spine fusion products and solutions for the treatment of spinal disorders. The company was founded on March 4, 2005 and is headquartered in Carlsbad, CA. The company rebrande

  18. Slide 18: $646m senior secured loan to finance Collegium’s acquisition of Ironshore

    $646m senior secured loan to finance Collegium’s acquisition of Ironshore  Collegium Pharmaceutical: biopharmaceutical company focused on developing and commercializing new medicines for responsible pain management.  Market Cap: $1.2bn as of September 4, 2025  Cash: $222m as of June 30, 2025  LT

  19. Slide 19: $400m senior secured corporate loan

    $400m senior secured corporate loan  Novocure: A biopharmaceutical company focused on addressing several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention  Market Cap: $1.3bn as of September 4, 2025  Cash: $9

  20. Slide 20: $200m senior secured corporate loan

    $200m senior secured corporate loan  Tarsus: A biopharmaceutical company focused on addressing several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention  Market Cap: $2.4bn as of September 4, 2025  Cash: $381

  21. Slide 21: $450m senior secured corporate loan

    $450m senior secured corporate loan  BioCryst: A global biopharmaceutical company that discovers and commercializes novel, oral, small-molecule medicines  Market Cap: $1.7bn as of September 4, 2025  Cash: $287m as of June 30, 2025  LTM Sales: $544m as of June 30, 2025  Main Product: Orladeyo (b

  22. Slide 22: $200m senior secured corporate loan

    $200m senior secured corporate loan  UroGen: Biopharmaceutical company focused on developing products to treat specialty cancers and urologic diseases. The Company’s products are being developed as chemoablation agents designed to remove tumors by non-surgical means. The Company is focused on treat

  23. Slide 23: Life Sciences is a $1 Trillion+ Vital Industry with Sales that are Uncorrelated

    Life Sciences is a $1 Trillion+ Vital Industry with Sales that are Uncorrelated and Unaffected by Economic Cycles Global Historical Pharmaceutical Sales ($ in trillions) COVID-19 Global Financial $1.6 Crisis $1.5 $1.5 $1.3 $1.3 $1.2 $1.1 $1.1 $1.1 $1.1 $1.0 $1.0 $1.0 $0.9 $0.8 $0.8 $0.7 $0.6 $0.6 $0

  24. Slide 24: Life Sciences is a $1 Trillion+ Vital Industry (cont’d)

    Life Sciences is a $1 Trillion + Vital Industry with Sales that are Uncorrelated and Unaffected by Economic Cycles (cont’d) Annual Changes in Sales of Oncology Drugs vs Major Indices 100% $140 Oncology Sales $Bn 80% $120 NASDAQ (% change) 60% $100 40% $80 20% $60 0% $40 (20%) (40%) $20 (60%) $0 1990

  25. Slide 25: Biotech equity markets have underperformed the broader market

    Over the past 5 years, Biotech equity markets have underperformed the broader market Historical Industry Price Performace (Indexed to 100) Dec. 2014 - Aug. 2025 500 353% 450 400 TBU if easy to update 350 214% 300 156% 250 200 45% 150 100 50 0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 D

  26. Slide 26: FDA Drug Approval Pace Continues to be Healthy

    FDA Drug Approval Pace Continues to be Healthy, Providing a Continued Pipeline of New Lending Opportunities ■ Pharmakon invests in approved, differentiated therapies that address a meaningful unmet need for patients. ■ FDA (and other jurisdiction regulatory bodies) approvals provide a continued pipe

  27. Slide 27: Choppy biotech equity markets create an attractive environment for debt investments

    Choppy biotech equity markets create an attractive environment for debt investments in biotech Convert Count and Proceeds Total Amount Raised ($bn) $30 80 Total Amount Issued Convert Count 62 70 $25 Convert Count 60 $20 40 50 38 $15 32 32 40 28 24 30 $10 18 $18 13 20 $14 $5 $9 $10 $7 $8 $7 $8 10 $5

  28. Slide 28: All four previous BioPharma Credit private funds have returned all capital

    All four previous BioPharma Credit private funds have returned all capital to investors Pharmakon Advisors, LP Private Fund Historical Investment Performance (Private Funds) I II III IV Launch Date June 2009 March 2011 February 2013 December 2015  Founded in 2009; manager of the BioPharma Credit fu

  29. Slide 29: Gross and Net Returns of Past Realized Investments

    Gross and Net Returns of Past Realized Investments1 Investment Date Investment Name Fund Investment Amount Gross IRR1 Net IRR1 Gross MOIC1 Net MOIC1 Jun 2009 LEXIVA Private Fund I $26,700,000 22% 18% 1.37x 1.30x Sep 2009 Cymbalta Private Fund I $132,000,000 15% 11% 1.20x 1.16x Oct 2009 PDL Private F

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