NEW INVESTMENT

BIOPHARMA CREDIT PLC

("BIOPHARMA CREDIT" OR THE "COMPANY")

NEW INVESTMENT

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to announce that it has entered into a definitive senior secured term loan agreement with Collegium Pharmaceutical, Inc. (Nasdaq: COLL) alongside BioPharma Credit Investments V (Master) LP ("BioPharma-V"). The Company will invest US$165 million and BioPharma-V will invest an additional US$35 million.

Collegium Pharmaceutical is a publicly traded, biopharmaceutical company focused on developing and commercializing new medicines for responsible pain management with a current market capitalization of ~US$680 million. Collegium currently markets Xtampza® ER, an abuse-deterrent, extended-release, oral formulation of oxycodone and Nucynta® (tapentadol), a centrally acting synthetic analgesic. Collegium has provided net sales guidance for 2020 of US$150 to US$160 million in net sales of Xtampza® ER and US$170 to US$180 million for Nucynta®.

Under the terms of the transaction, the Company will invest US$165 million in a single drawing and BioPharma-V will invest US$35 million in parallel, with the Company acting as collateral agent. The loan will mature in January 2024 and will bear interest at 3-month LIBOR plus 7.50 per cent. per annum subject to a 2.00 per cent. floor along with a one-time additional consideration of 2.50 per cent. of the loan amount payable upon funding.

"We are pleased to partner with Collegium Pharmaceutical in this transaction", said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. "Led by an excellent management team, Collegium Pharmaceutical is marketing meaningfully differentiated products that treat moderate to severe pain."

Link Company Matters Limited

Company Secretary

7 February 2020

Enquiries:

Buchanan

David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson

+44 (0)20 7466 5000

[email protected]