BioPharma Credit PLC USD · LSE:BPCP

BioPharma Credit PLC USD — BioPharma Credit — Investor Presentation (March 2022)

24 slides from BioPharma Credit PLC USD's investor presentation, March 2022

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

    Debt Capital for the Life Sciences Industry COMPANY PRESENTATION – March 2022 For additional information please email: ir@bpcruk.com or visit BioPharma Credit’s website at www.bpcruk.com

  2. Slide 2: Disclaimer

    Disclaimer THIS PRESENTATION IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTI

  3. Slide 3: Disclaimer

    Disclaimer This presentation was prepared using the financial information available to the Company as at the date of this presentation. Except where otherwise indicated herein, the information provided in this presentation is based on matters as they exist as of the date of preparation and not as of

  4. Slide 4: Experienced Investment Team

    Experienced Investment Team Pharmakon Advisors 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 years

  5. Slide 5: Financial Highlights as at December 2021

    Financial Highlights as at 31 December 2021 1. Net income in 2020 included $20,484,000 relating to the change in fair value of the Company’s subsidiary, BPCR Limited Partnership (“BPCR LP”). This change in fair value of $20,484,000 is equal to the undistributed net income earned by BPCR LP in the ye

  6. Slide 6: Investment Opportunity – Summary

    Investment Opportunity – Summary The Life Sciences Debt Market is an Underserved, Large and Growing Opportunity  Worldwide $1.1tn industry growing at 6% per annum  Large capital needs, private companies spent $180bn in R&D during 2018¹  Industry dynamics create new debt investment opportunities 

  7. Slide 7: BPCR has generated consistent returns since IPO

    BPCR has generated consistent returns since IPO1 BPCR annualized2 dividends per share in US$ $0.09 $0.08 Interim Special  Interim dividend has consistently $0.07 met the annualized $0.070 target $0.06 for almost four years $0.05 $0.04 $0.03 $0.02 $0.01 $0.00 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q

  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) $1,600 $1,400 Cash Seed Assets Other Realized (repaid) Investments $1,200 Outstanding Investments $1,000 $800 $600 $400 $200 $0 Seed

  9. Slide 9: BPCR currently has ~$1.3bn invested across 12 transactions

    BPCR currently has ~$1.3bn invested across 12 transactions ($ millions) BPCR % of Total Assets Total IRR to Investment Ticker Share (%) Share ($) Current Amount Maturity1 Bristol Myers BMY $137.3 High single % 100% $137.3 Optinose OPTN $130.0 11.8% 55% $71.5 Akebia AKBA $100.0 10.8% 50% $50.0 Global

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

    BPCR’s portfolio is primarily composed of senior secured loans to listed companies Note: UroGen cash balance and sales shown as of 3Q21 and LTM 3Q21, respectively. 9

  11. Slide 11: $650m senior secured corporate loan upon closing of Collegium’s acquisition of BDSI

    $650m senior secured corporate loan upon closing of Collegium’s acquisition of BDSI  Collegium Pharmaceutical: biopharmaceutical company focused on developing and commercializing new medicines for responsible pain management.  Market Cap: $605m as of March 15 2022  Cash: $186m as of December 31 2

  12. Slide 12: Investment track record of mostly singles and doubles

    Investment track record of mostly singles and doubles – Emphasis on consistency and reduced risk 96% of past Pharmakon transactions have generated returns > 10% (25 Realized Transactions)1 24% (6) > 15.0% 72% (18) 10.0% > <15.0% 4% (1) < 10.0% 1. Realized Internal Rate of Return to the Funds (Gross

  13. Slide 13: The life sciences industry has benefited from healthy capital inflows

    The life sciences industry has benefited from healthy capital inflows, even in uncertain markets 12 Source: Bloomberg (includes all priced transactions that are categorized as biotechnology, pharmaceuticals, or medical devices)

  14. Slide 14: $100m senior secured corporate loan (UroGen)

    $100m 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

  15. Slide 15: $300m senior secured corporate loan (Coherus)

    $300m senior secured corporate loan1  Coherus BioSciences: Biopharmaceutical company building a leading immuno-oncology franchise funded with cash generated by its commercial biosimilars business  Market Cap: $969m as of March 15 2022  Cash: $417m as of December 31 2021  LTM Sales: $327m as of D

  16. Slide 16: $125m senior secured corporate loan (Evolus)

    $125m senior secured corporate loan  Evolus: Biopharmaceutical company with a customer-centric approach focused on delivering breakthrough performance beauty products  Market Cap: $554m as of March 15 2022  Cash: $146m as of December 31 2021  LTM Sales: $99m as of December 31 2021  Main Product

  17. Slide 17: $300m senior secured corporate loan (LumiraDx)

    $300m senior secured corporate loan  LumiraDx: A next-generation point-of-care (POC) diagnostic company addressing the current limitations of legacy POC systems by bringing lab- comparable performance in minutes on a single instrument for a broad menu of tests with a low cost of ownership.  Market

  18. Slide 18: $220m senior secured corporate loan (Epizyme)

    $220m senior secured corporate loan  Epizyme: Biopharmaceutical company focused on cancer and other diseases through novel epigenetic medicines.  Market Cap: $197m as of March 15 2022  Cash: $177m as of December 31 2021  LTM Sales: $31m as of December 31 2021  Main Product: Tazverik – an oral,

  19. Slide 19: $550m senior secured corporate loan (Sarepta)

    $550m senior secured corporate loan  Sarepta Therapeutics: Biopharmaceutical company focused on therapies for neuromuscular diseases  Market Cap: $6,638m as of March 15 2022  Cash: $2,116m as of December 31 2021  LTM Sales: $612m as of December 31 2021  Main products:  EXONDYS 51 (eterplirsen)

  20. Slide 20: $250m senior secured corporate loan (Global Blood)

    $250m senior secured corporate loan  Global Blood Therapeutics: Biopharmaceutical company focused on developing and marketing therapies for sickle cell disease  Market Cap: $1,870m as of March 15 2022  Cash: $735m as of December 31 2021  LTM Sales: $195m as of December 31 2021  Main Product: Ox

  21. Slide 21: $100m senior secured corporate loan (Akebia)

    $100m senior secured corporate loan  Akebia Therapeutics is a biopharmaceutical company focused on the development and commercialization of therapeutic for patients with kidney disease.  Market Cap: $417m as of March 15 2022  Cash: $150m as of December 31 2021  LTM Sales: $142m as of December 31

  22. Slide 22: $130m senior secured corporate loan (Optinose)

    $130m senior secured corporate loan  Optinose: Specialty pharmaceutical company focused on products for patients treated by ear, nose, and throat (ENT) and allergy specialists.  Market Cap: $173m as of March 15 2022  Cash: $111m as of December 31 2021  LTM Sales: $74m as of December 31 2021  Ma

  23. Slide 23: Life Sciences is a Large, Vital Industry Uncorrelated with Economic Cycles

    Life Sciences is a Large, Vital Industry with Sales that are Uncorrelated and Unaffected by Economic Cycles Global Pharmaceutical Sales: Historical & Projected ($, Trn) Annual Changes in Sales of Oncology Drugs vs Major Indices 100% $140 Oncology Sales $Bn Oncology Sales (% change) Barclays US HY In

  24. Slide 24: Funds managed by Pharmakon Advisors have committed $6.2bn across 45 transactions

    Funds managed by Pharmakon Advisors have committed $6.2bn across 45 transactions Historical Investment Performance as of January 2022 (Private Funds)1 Private Fund I II III IV V Launch Date June 2009 March 2011 February 2013 December 2015 June 2019  Founded in 2009; manager of the BioPharma Credit

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