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About the company
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.
- Revenue in USD (TTM)135.73m
- Net income in USD108.45m
- Incorporated2016
- Employees11.00
- LocationBioPharma Credit PLC51 New North RoadEXETER EX4 4EPUnited KingdomGBR
- Phone+44 13 9247 7503
- Websitehttp://bpcruk.com/#
Profile
| Management group(s) | Pharmakon Advisors L.P. |
|---|---|
| AIC sector | Debt - Direct Lending |
| ISIN | GB00BDGKMY29 |
| Launch date | 27 Mar 2017 |
| Share type | Ordinary Share |
| Structure | Investment Trust |
| Base currency | USD |
Objective
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.
Managed by
| Pedro Gonzalez de Cosio, Pablo Legorreta, Martin Friedman |
|---|
Management & contract fees
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.
Peer analysis
| Company | Revenue (TTM) | Net income (TTM) |
|---|---|---|
| VinaCapital Vietnam Opportunity Fund Ltd | 200.89m | 159.97m |
| Temple Bar Investment Trust PLC | 121.18m | 110.63m |
| Apax Global Alpha Ltd | 75.48m | 57.69m |
| JPMorgan Japanese Investment Trust PLC | 180.43m | 169.28m |
| TwentyFour Income Fund Ltd | 164.97m | 154.33m |
| Global Smaller Companies Trust PLC | 96.80m | 86.12m |
| Schiehallion Fund Ltd | 78.05m | 67.81m |
| Schroder AsiaPacific Fund plc | 16.31m | -1.37m |
| NB Private Equity Partners Ltd | 65.45m | 27.07m |
| ICG Enterprise Trust PLC | 55.35m | 22.13m |
| Biopharma Credit PLC | 135.73m | 108.45m |
| Patria Private Equity Trust PLC | 89.03m | 62.27m |
| Merchants Trust plc | -24.99m | -38.54m |
| Oakley Capital Investments Ltd | 72.75m | 60.51m |
| Murray Income Trust plc | 113.02m | 101.98m |
| CMC Markets Plc | 424.03m | 59.74m |
Institutional shareholders
| Holder | Shares | % Held |
|---|---|---|
| Newton Investment Management Ltd.as of 31 Dec 2023 | 136.38m | 11.19% |
| Adage Capital Management LPas of 31 Dec 2023 | 130.85m | 10.73% |
| Sarasin & Partners LLPas of 07 May 2024 | 70.48m | 5.78% |
| M&G Investment Management Ltd.as of 31 Dec 2023 | 67.22m | 5.51% |
| FIL Investments Internationalas of 01 Mar 2024 | 33.19m | 2.72% |
| JPMorgan Chase Bank, NA (Investment Management)as of 01 Mar 2024 | 27.87m | 2.29% |
| Credit Suisse Asset Management (Schweiz) AGas of 01 Mar 2024 | 23.34m | 1.91% |
| Handelsbanken Wealth & Asset Management Ltd.as of 01 Mar 2024 | 22.41m | 1.84% |
| Evelyn Partners Investment Management LLPas of 01 Mar 2024 | 18.10m | 1.48% |
| Morgan Stanley Smith Barney LLC (Investment Management)as of 01 Mar 2024 | 16.63m | 1.36% |
