3 June 2026

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT OF UP TO US$150 MILLION IN MINERALYS THERAPEUTICS

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP ("BioPharma-V"), have entered into a new senior secured loan agreement (the "Loan Agreement") with Mineralys Therapeutics, Inc. ("Mineralys").  The Company will invest up to US$150 million and BioPharma-V will invest up to an additional US$350 million in parallel, with the Company acting as collateral agent.

Under the Loan Agreement, the Company will invest up to US$150 million across four tranches, subject to customary conditions precedent:

·    Tranche A of US$30.0 million was funded at closing;

·    Tranche B of US$45 million is required to be drawn no later than 30 April 2027 upon certain regulatory approvals;

·    Tranche C of up to US$45 million is available to be drawn until 14 December 2028, subject to achievement of certain net sales milestones; and

·    Tranche D of up to US$30 million is available to be requested to be drawn by 14 June 2029, subject to achievement of certain net sales milestones.

The loan will mature in June 2031 and will bear interest at 3-month SOFR plus 5.50 per cent. per annum subject to a 3.25 per cent. SOFR floor. An additional one-time consideration of 2.00 per cent. of each tranche is payable by Mineralys upon the funding of each respective tranche. Certain undisclosed prepayment and makewhole fees, as well as exit consideration, are also payable by Mineralys in connection with repayment of the loans.

Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as chronic kidney disease, obstructive sleep apnea and other diseases driven by dysregulated aldosterone, with a current market capitalisation of ~US$2.5 billion (Ticker: MLYS - NASDAQ).  Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor, with an NDA currently under review with the FDA for approval in the US.  Mineralys reported US$646.1 million in cash as of 31 March 2026.

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.