Increase in revalued net assets and in the half-year result of BioPharma Credit

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BioPharma Credit PLC posted a slightly higher net asset value on Wednesday as profits soared on higher investment.

The life sciences investment fund said net asset value per share as of June 30 was up 0.9% to $1.0072 from $0.9980 a year ago. Pretax profit in the six months to June 30 rose 54% to $68.2 million from $44.2 million a year earlier.

BioPharma reported a net gain of $7.1 million on investments at fair value, compared to a loss of $22.7 million.

The Winchester, England-based company is targeting a dividend of 7 US cents, unchanged from a year ago.

“Having successfully navigated through Covid, we are mindful of the macro outlook driven by geopolitical and social risk, however, our extensive origination network continues to produce a number of compelling pipeline opportunities, and we anticipate our investment pipeline will grow and diversify further as new products and companies enter the market. We remain focused on our mission to create the leading provider of debt capital dedicated to the life sciences industry while generating attractive returns and sustainable income for investors,” said Pedro Gonzalez de Cosio, Managing Director of Pharmakon Advisors LP, which is the investment manager of BioPharma.

Additionally, BioPharma noted an announcement made by Sarepta Therapeutics Inc, in which BioPharma has a $350 million investment in a senior secured loan. Sarepta announced Monday that it has terminated and repaid part of its existing senior secured debt with proceeds from a $1 billion convertible bond issue. BioPharma expects to receive approximately $16 million in reimbursement, prepayment and clearing fees.

BioPharma shares were flat at 82.42 pence each in London on Wednesday morning. The stock is up 15% over the past 12 months.

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