27th Sep 2018 12:43
LONDON (Alliance News) - BioPhamra Credit PLC on Thursday reported a sharp rise in income in the first half
In the six months ended June, the life sciences debt investment trust increased its total income to USD42.2 million from USD9.7 million.
The large increase is attributed to the company's increased investment income, to USD37.7 million from USD4.7 million, mostly coming from its investments in Sebela BT Holdings Inc and Tesaro Inc.
BioPharma Credit's net asset value per share at the end of the period decreased marginally to USD1.0047 from USD1.0091 at the end of 2017.
The trust's net assets decreased marginally to USD918.5 million on June 30 from USD922.6 million on December 31.
BioPharma Credit said its portfolio investments performed "well" in the period.
Pharmakon Advisors LP, Biopharma Credit's investment manager, engaged with multiple potential counterparties in the period, which resulted in the execution of two new transactions totalling USD344 million in investment.
Chief Executive Officer & Co-Founder of Pharmakon Advisors Pedro de Cosio said: "The company is well positioned to generate uncorrelated long-term shareholder returns, which are predominantly in the form of sustainable income distributions. These returns are currently delivering the 7% dividend yield target announced at the initial public offering, drawn from exposure to an increasingly diversified major debt investment portfolio in the life sciences industry.
"We continue to see a number of attractive investment opportunities in our pipeline which we will seek to fund through debt, equity or a combination of both."
Shares in Biopharma Credit were untraded Thursday at USD1.07.
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