UPDATE ON INVESTMENT

2 March 2026

BIOPHARMA CREDIT PLC

(THE "COMPANY")

UPDATE ON INVESTMENT

New Increased Loan Agreement with UroGen

The Company notes the announcement released on 2 March 2026 by UroGen Pharma Ltd. ("URGN"), regarding the second amendment and restatement of its loan agreement with the Company, BioPharma Credit Investments V (Master) LP ("BioPharma-V"), and BPCR Limited Partnership (the "2nd A&R Loan Agreement").

The Company had previously announced on 15 March 2024 the first amendment and restatement of its senior secured loan agreement with URGN (the "Existing Loan Agreement"). Under the 2nd A&R Loan Agreement, the existing US$125 million senior secured loan was increased to US$200 million in a new Tranche A (with the additional US$75 million being funded at closing), and an additional Tranche B was added for up to US$50 million for a total new senior secured loan facility of up to US$250 million.

The Company has a 50 per cent. allocation to each tranche with BioPharma-V receiving the remaining (and equal) allocation. The Company therefore has an allocation of US$100 million of Tranche A (increased from US$50 million investment under the Existing Loan Agreement) and US$25 million of Tranche B.

The new Tranche B of up to US$50 million is available to be drawn by 30 June 2027, subject to customary conditions precedent set forth in the 2nd A&R Loan Agreement. Under the 2nd A&R Loan Agreement, the interest rate is a fixed 8.25 per cent. per annum. A one-time additional consideration of 1.50 per cent. of each new tranche is payable by URGN upon funding of each respective tranche, with the Company therefore receiving US$1.5 million (of a US$3.0 million payment) in connection with the new Tranche A on the signing of the 2nd A&R Loan Agreement. In addition, an exit fee of 1.00 per cent is also required upon any payment of principal, scheduled or otherwise.

In connection with entering into the 2nd A&R Loan Agreement, URGN paid US$8.6 million in make-whole and prepayment fees, and accrued interest under the Existing Loan Agreement, of which the Company received US$3.0 million.

URGN is a publicly traded biopharmaceutical company focused on developing products to treat specialty cancers and urologic diseases with a current market capitalization of ~US$935 million (Ticker: URGN - NASDAQ). URGN currently markets Jelmyto® (mitomycin) pyelocalyceal solution, the first FDA-approved product for low-grade upper tract urothelial carcinoma (LG-UTUC) and Zusduri® (mitomycin) intravesical solution, FDA-approved for post-surgery low-grade bladder cancer (LG-IR-NMIBC). URGN reported US$109.8 million in revenues in 2025 (up 21.4% per cent. from 2024).

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

+44 (0) 333 300 1932

Burson Buchanan

Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill

+44 (0)20 7466 5000

[email protected]

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. BioPharma Credit PLC seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. BioPharma Credit PLC 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.