BioPharma Credit PLC

1 November 2024

BIOPHARMA CREDIT PLC

(THE "COMPANY")

UPDATE ON INVESTMENT

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce an additional investment in Insmed Incorporated ("Insmed").  The Company announced on 20 October 2022 a US$350 million senior secured loan to Insmed, with the Company investing US$140 million and BioPharma Credit Investments V (Master) LP ("BioPharma-V") investing US$210 million.  The Company is investing US$60 million in a new US$150 million tranche, with BioPharma-V investing US$90 million.  Together with the accrual and capitalization of the partial paid-in-kind interest, the Company's total exposure to Insmed will be approximately US$223.5 million.

Based in the US, Insmed is a publicly traded biopharmaceutical company with a current market capitalization of ~US$12 billion (Ticker: INSM - NASDAQ).  Insmed, a commercial stage global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, reported trailing nine-month net sales of US$259 million during the period ending 30 September 2024 and USD$1.468 billion in cash and marketable securities as of 30 September 2024.  Insmed is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed's most advanced programs are in pulmonary and inflammatory conditions.

In addition to the new tranche, certain amendments were made to the Insmed loan, including extending the maturity to September 2029, resetting the make-whole period to three years from the amendment date, reducing the interest rate from 3-month SOFR plus 7.75 per cent. per annum to a fixed rate of 9.60 per cent. per annum, and adding a 2.00 per cent. exit fee payable upon any payment of principal, scheduled or otherwise.  A one-time additional consideration of 2.00 per cent. of the second tranche was paid on the funding of the second tranche.

Enquiries

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Samuel Adams

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com

Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor to the life sciences industry and joined the LSE in March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company 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.