NEW INVESTMENT

BioPharma Credit PLC

09 June 2026

 

9 June 2026

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT OF UP TO CHF75 MILLION IN IDORSIA PHARMACEUTICALS

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 Idorsia Pharmaceuticals Ltd ("Idorsia").  The Company will invest up to CHF 75 million and BioPharma-V will invest up to an additional CHF 175 million in parallel, with the Company acting as collateral agent.

Under the Loan Agreement, the Company will invest up to CHF 75 million across three tranches, subject to customary conditions precedent:

·    Tranche A of CHF 45 million will be funded 10 business days after the signing of the Loan Agreement;

·    Tranche B of CHF 15 million (or its USD equivalent) is available to be drawn until 31 December 2026; and

·    Tranche C of CHF 15 million (or its USD equivalent) is available to be drawn until 30 June 2027, subject to achievement of certain net sales milestones.

The loan will mature in June 2031 and any CHF loan will bear interest at a fixed 7.00 per cent. per annum.  Any USD loans will bear interest at 3-month SOFR plus 5.75 per cent. per annum subject to a 3.25 per cent. SOFR floor. An additional one-time consideration of 1.50 per cent. of each tranche is payable by Idorsia upon the funding of each respective tranche. Certain other prepayment and makewhole fees, as well as exit consideration, are also payable by Idorsia in connection with repayment of the loans. The Company and BioPharma-V will use forward contracts to hedge the CHF exposure. The forward hedge is expected to generate a positive carry, resulting in expected USD-denominated returns for this investment that are broadly in line with those of other investments in the portfolio.

Idorsia is a Switzerland-based biopharmaceutical company specialized in the discovery, development, and commercialization of innovative small molecules with a market capitalisation of ~CHF 1.09 billion (Ticker: IDIA - SWX). Idorsia's lead product is Quviviq (daridorexant), a dual orexin receptor antagonist (DORA) which blocks the binding of wake-promoting orexin neuropeptides. Rather than inducing sleep through broad inhibition of brain activity, daridorexant selectively blocks the activation of orexin receptors. Consequently, daridorexant decreases the wake drive, allowing sleep to occur, without altering the proportion of sleep stages. In 2025, Idorsia's reported total revenue was CHF 221m of which CHF 142m were Quviviq product sales. In the first quarter of 2026, Idorsia reported Quviviq product sales of CHF 44m (up 74 per cent. from the same period in 2025). 

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

[phone]

Burson Buchanan

Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill

[phone]

[e-mail]

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.

 

END