Company Announcements

31 July 2024

BIOPHARMA CREDIT PLC

(THE "COMPANY")

STATEMENT RE LUMIRADX

Initial Payment of USD$165.3 million Received

Pharmakon Advisors, LP, the investment manager of the Company ("Pharmakon"), is pleased to announce that, further to the Company's statement dated 29 July 2024, FTI Consulting LLP (the "Administrators") has made an initial payment to the senior secured lenders of USD$330.6 million, of which USD$165.3 million was received by the Company.

Assuming Roche releases 100% of the holdback amount, and estimated total expenses of USD$10.0 million, the Company is expected to receive an additional payment of approximately USD$5.3 million within 90 days, assuming no delays for disputes. With the addition of cash interest received from the borrower to date, this equates to an approximate 96% recovery rate of invested capital. Additionally, in due course the Company is expected to receive its share ownership of LumiraDx's Colombian subsidiary which the Company will seek to sell.

Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, the Company's investment manager, commented: "While we are not pleased with the ultimate outcome of this transaction, we are thankful to the Administrators, other service providers and the senior managers of LumiraDX who remained and helped to guide LumiraDx during this difficult process and were instrumental in maximizing the recovery in this investment."

Harry Hyman, Chairman of the Board of BioPharma Credit PLC, commented: "On behalf of the Board I would like to recognize the hard work and diligence demonstrated by the investment manager and other advisors during this process. While the outcome was disappointing, the substantial amount recovered through the management of the collateral helps validate the Company's investment thesis on the value of unique, patent-protected healthcare assets."

Enquiries

Burson 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. 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.