BIOPHARMA CREDIT PLC

Capital/Financing Update • Feb 8, 2018

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RNS Number : 2461E

BioPharma Credit PLC

08 February 2018

BIOPHARMA CREDIT PLC

("BIOPHARMA CREDIT" OR THE "COMPANY")

NEW INVESTMENT

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to announce that today it has entered into a definitive term senior secured loan agreement for US$150 million with NovoCure Limited (NASDAQ: NVCR), a commercial stage oncology company  with a current market capitalisation of approximately US$1.9 billion ("Novocure").

The US$150 million loan will mature in February 2023 and bears interest at 9.0% per annum. Novocure will use US$100 million of the net proceeds to entirely prepay the US$100 million 10.0% coupon loan made by BioPharma III Holdings, LP ("BioPharma III") in 2015 that was scheduled to mature in 2020. BioPharma Credit is a limited partner in BioPharma III and will therefore receive a distribution of approximately US$46 million from BioPharma III as a result of the prepayment from Novocure.

Novocure manufactures and sells the Optune system, a cancer treatment centered on a proprietary therapy called TTFields, which involves the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.  Optune is currently approved for the treatment of adults with Glioblastoma ("GBM"). On 9 January 2018, Novocure reported unaudited revenues of US$53.7 million for the fourth quarter of 2017 and US$177 million for the full year ended 31 December 2017.  Novocure invests meaningfully in R&D and has late stage trials (Phase III pilot studies) underway for TTFields in brain metastases, non-small cell lung cancer and pancreatic cancer.

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Link Company Matters Limited

Company Secretary

8 February 2018

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 listed specialist investor in debt from the life sciences industry and joined the LSE on 27th 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.

LEI: 213800AV55PYXAS7SY24

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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