21 October 2025

BIOPHARMA CREDIT PLC

(THE "COMPANY")

UPDATES ON INVESTMENT PORTFOLIO

BioCryst Pharmaceuticals, Inc. - European ORLADEYO® Sale Completion and Final Loan Repayment

Pharmakon Advisors, LP, the investment manager of the Company, provides the following update subsequent to the announcement released on 1 October 2025 by BioCryst Pharmaceuticals, Inc. ("BioCryst") regarding the completion of the sale of its European ORLADEYO® (berotralsat) business to Neopharmed Gentili (the "Transaction"). The Company had previously noted on 1 July 2025 BioCryst's initial announcement with respect to the Transaction, and BioCryst's plans to use the proceeds from the Transaction to retire all remaining term debt existing under the loan agreement with its lenders. 

The Company had previously announced on 19 April 2023 an investment in a senior secured loan to BioCryst for up to US$180 million in up to four tranches.  The Company funded US$120 million at closing and BioCryst did not draw on the remaining three tranches. At the time of the final repayment on 7 October 2025, US$199 million of outstanding term debt remained from the original US$300 million term loan funded at closing, of which US$79.5 million remained from the Company's original investment of US$120 million. In connection with this final repayment, the Company received US$2.6 million of accrued interest and prepayment fees.

Valneva Austria GmbH - Closing of Tranche A Funding

On 17 October 2025, the Company funded its investment of US$30 million to Valneva Austria GmbH, a subsidiary of Valneva SE ("Valneva"), with BioPharma Credit Investments V (Master) LP ("BioPharma-V") also concurrently investing US$185 million as part of the Tranche A funding. The Company had previously announced on 7 October 2025 the entering into a senior secured loan agreement with Valneva and BioPharma-V, which included an initial tranche of US$215 million as well as further tranches of US$285 million for potential business development (subject to mutual agreement by the parties with loan allocations to be determined at such time).

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

+44 (0) 333 300 1932

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Nick Croysdill

+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. 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.