30 July 2024

BIOPHARMA CREDIT PLC

(THE "COMPANY")

Announcement of Discretionary Share Buy-Back Programme

BioPharma Credit PLC is pleased to announce that it has launched a discretionary buy-back programme (the "Buy-Back Programme").

The Company currently has authority to repurchase a maximum of 185,505,277 of its Ordinary Shares (being the outstanding shareholder authority). Such authority lasts until the next shareholder authority granted, or where expressly revoked by shareholders. The Buy-Back Programme will be funded from the Company's resources.

Pursuant to the Company's discount control mechanism ("Discount Control Mechanism"):

·      if, in any 3 month rolling period, the Shares have, on average, traded at a discount in excess of 5 per cent. to the Net Asset Value per Share, the Company will, subject to meeting its target dividend, use up to US$25,000,000 of the Company's capital proceeds generated after the conclusion of such 3 month rolling period in any fiscal year, to repurchase Shares at least until such time as the Shares trade at an average discount of 5 per cent. or less to the Net Asset Value per Share over a 2 week rolling period; and

·      if, in any 6 month rolling period, the Shares have, on average, traded at a discount in excess of 10 per cent. to the Net Asset Value per Share, the Company will, subject to meeting its target dividend, use up to US$50,000,000 of the Company's capital proceeds generated after the conclusion of such 6 month rolling period in any fiscal year, to repurchase Shares at least until such time as the Shares trade at an average discount of 5 per cent. or less to the Net Asset Value per Share over a 2 week rolling period.

The Company has appointed J.P. Morgan Securities plc ("JPMorgan") to act as its broker in respect of the Buy-Back Programme. Pursuant to the terms agreed between the Company and JPMorgan:

·      Between the date of this Announcement and 31 December 2024, JPMorgan will have the authority to buy back Shares of the Company at its discretion up to a maximum repurchase value US$50,000,000  less the repurchase value of any Shares repurchased between 27 March 2024 and the date hereof. As of the date hereof, the Company has repurchased Shares equating to a total value of US$30,344,125 since 27 March 2024.

·      Between 1 January 2025 and 31 December 2025, JPMorgan will have the authority to buy back shares of the Company at its discretion up to a maximum repurchase value determined in accordance with the Discount Control Mechanism reduced by such amount as the Company orders, instructs or communicates to JPMorgan to purchase during that period. This authority is intended to be renewed annually by mutual agreement.

·      The Company has given JPMorgan an irrevocable standing instruction to buy back shares on a discretionary basis, subject to the price and volume restrictions agreed as part of the Buy-Back Programme. The Company will also refrain from attempting to exercise any influence over how, when or whether JPMorgan effects purchases of Shares of the Company.

·      Provided that the Company is not in possession of any inside information or other material non-public information with respect to the Company or its shares which is required to be disclosed in accordance with the Market Abuse Rules which has not been so disclosed:

o  the Company may vary the price and volume parameters for the Buy-Back Programme; and/or

o  the Company may give orders, instructions or communications to JPMorgan to purchase Shares on behalf of the Company outside the parameters of the standing instructions which forms the basis of the Buy-Back Programme.

This arrangement is in accordance with Chapter 9 of the Listing Rules and the Company's general authority to repurchase Shares.

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.