BioPharma Credit (BPCR) Investor Presentation summary

Investment portfolio highlights

• Recent investments include senior secured loans to Geron ($250m), Insmed ($547m), and Alphatec ($200m), supporting companies in biopharma and medical devices.

• Portfolio companies focus on innovative therapies for blood cancers, rare diseases, and spinal disorders.

• Loan structures feature bullet or interest-only periods, with coupons ranging from SOFR + 5.75% to 9.60% fixed, and various prepayment protections.

• Analyst sales consensus projects strong revenue growth for key products like Rytelo, Arikayce, and Alphatec's spine solutions.

• Facility sizes and company market caps reflect a focus on established, high-growth life sciences firms.

Risk management and performance metrics

• Investment returns are presented as gross and net IRR/MOIC, with net figures adjusted for fees and expenses based on historical fund data.

• Projections and valuations rely on multiple factors, including product sales, market size, and competitive landscape.

• Forward-looking statements are subject to significant risks, including regulatory, market, and operational uncertainties.

• Most investments are unlisted, requiring subjective valuation methods and assumptions about future events.

• Investors are cautioned to consult advisors and not rely solely on projected returns due to inherent uncertainties.

Company and product overviews

• Geron: Commercial-stage biopharma with Rytelo for lower-risk MDS, $2.6bn market cap, $379m cash, $28m 3Q24 sales.

• Insmed: Global biotech with Arikayce for MAC lung disease, $13bn market cap, $1.47bn cash, $343m LTM sales.

• Alphatec: Spine surgery solutions provider, $1.3bn market cap, $81m cash, $573m LTM sales.

• Each company has a robust pipeline or product suite targeting significant unmet medical needs.

• Analyst consensus forecasts continued sales growth for flagship products through 2029.