19 April 2023

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT OF UP TO US$180.0 MILLION

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP ("BioPharma-V" and jointly with the Company, the "Lenders") has entered into a definitive senior secured loan agreement with BioCryst Pharmaceuticals, Inc. ("BioCryst"). The Company will invest up to US$180.0 million and BioPharma-V will invest up to an additional US$270.0 million in parallel, with the Company acting as collateral agent.

Based in the US, BioCryst is a publicly traded biopharmaceutical company with a current market capitalization of ~US$1.6 billion (Ticker: BCRX - NASDAQ). BioCryst currently markets ORLADEYO® (berotralstat), a treatment to prevent attacks of hereditary angioedema (HAE) in adults and children 12 years of age and older. ORLADEYO® was approved in the US in December 2020 and received approvals in the European Union, Japan, the United Arab Emirates and the United Kingdom during 2021. BioCryst reported ORLADEYO® net sales of US$251.6 million for 2022, a greater than 100 per cent. increase from 2021.

Under the terms of the transaction, the Company will invest up to US$180.0 million of which US$120.0 million was drawn at closing in the first tranche and up to an additional US$60.0 million may be drawn by 30 September 2024. The loan will mature in April 2028 and will bear interest at 3-month SOFR plus 7.00 per cent. per annum subject to a 1.75 per cent. floor, along with an additional consideration of 1.75 per cent. The additional consideration with respect to the first tranche and 50 per cent. of the subsequent tranches was paid at funding with the remainder being payable at funding of the subsequent tranches. Additionally, BioCryst may elect to PIK 50% of interest payable for the first six quarters.

Royalty Pharma, an affiliate of Pharmakon Advisors, LP, the Company's investment manager, is a party to two royalty purchase agreements with BioCryst which were entered into on December 7, 2020 and November 19, 2021 whereby Royalty Pharma invested a total of US$275.0 million for tiered royalties in ORLADEYO® and additional pipeline assets. In addition, Royalty Pharma also purchased US$50.0 million of BioCryst equity as part of the November 19, 2021 transaction and, as a result, owns ~2.1 per cent. of the outstanding BioCryst shares as of 31 December 2022.

Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, the Company's investment adviser said:

"The BioCryst team is driving extraordinary success with ORLADEYO, and we are excited to support the company and management team as they continue growing to profitability and bring more rare disease medicines to patients."

Enquiries

Buchanan

David Rydell / Mark Court / Jamie Hooper / Henry Wilson

+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.