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Debt Capital for the Life Sciences Industry COMPANY PRESENTATION – September 2026 For additional information please email: ir@bpcruk.com or visit BioPharma Credit PLC’s website at www.bpcruk.com
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2.50 2.74 4.274.25 0.14 0.16 1 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 This presentation of information relating to BioPharma Credit PLC (“BPCR”) is confidential and is intended solely for the information and exclusive use of the person to whom it has been provided. It is not to be reproduced, or transmitted, in whole or in part, to third parties. This presentation was prepared by Pharmakon Advisors, LP (“Pharmakon”), the investment manager of BPCR. This presentation is being furnished for informational purposes only, and does not constitute an offer to sell, or a solicitation of an offer to buy an interest in any current or future investment vehicle or account managed or advised by Pharmakon. This presentation is subject to a more complete description and does not contain all of the information necessary to make an investment decision, including, but not limited to, the risks, fees and details of the documentation of BPCR. Any such offering or solicitation of interests in BPCR will only be made pursuant to and in accordance with the terms and conditions set forth in the Prospectus, including any additional disclosures and any supplements thereto, and other ancillary offering and governing documents of BPCR (collectively, the “Offering Documents”), all of which, including especially the section of the Prospectus entitled “Risk Factors”, must be read in their entirety in order to obtain more complete information on BPCR. No offer to purchase interests in BPCR will be made or accepted prior to receipt and review by an offeree of these Offering Documents and the completion of all appropriate documentation, and before making any investment decision, investors are advised to consult with their tax, financial and legal advisors. All investors must meet suitability requirements set forth in the Offering Documents. This presentation and the information herein may not be reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of Pharmakon. Notwithstanding the foregoing, you may disclose to any and all persons, without limitation of any kind, the U.S. federal tax treatment and tax structure of (i) BPCR and (ii) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and tax structure, it being understood that “tax treatment” and “tax structure” do not include the name or the identifying information of (A) BPCR or (B) the parties to a transaction. Past or targeted performance is not necessarily indicative of future results and there can be no assurance that BPCR will achieve comparable results or that BPCR will be able to implement its strategy or achieve its investment objectives, including its targeted return. The portfolio composition of BPCR can differ from the portfolios of Private Fund I, Private Fund II, Private Fund III, and Private Fund IV, and for this reason, the track records of those prior funds may not be as relevant to a consideration of BPCR. Potential debt investments described herein as “backed” by pharmaceutical products may not benefit from a security interest in these products or the proceeds of their sales. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Pharmakon. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “planned,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “potential,” “believe,” “hypothetical,” “theoretical”, or other similar terms, the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of BPCR can differ materially from those reflected or contemplated in such forward-looking statements. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting the investor’s operations that could cause actual results to differ materially from projected results. Projected returns included herein are hypothetical, forward-looking statements involving known and unknown risks, uncertainties and assumptions. The actual performance results of BPCR (including with respect to any individual investments), can be materially different from any projections. No representation is made that the historic performance shown in this presentation is any assurance or guarantee of future performance. BPCR could incur losses as well as generate gains. Projected performance figures are calculated based on estimated yields of underlying portfolio investments. Such projections were made by Pharmakon using Pharmakon’s own sales forecasts taking into account a number of factors including, but not limited to, (i) financial strength and competitive position of the marketer of underlying products, (ii) historical product sales, (iii) therapeutic use and efficacy of a product, (iv) anticipated product competition, (v) importance of product to its marketer, (vi) geographic region in which a product is marketed and (vii) Wall Street analyst projections. Such projections are subject to a wide range of market factors which, individually or in the aggregate, may substantially impact the accuracy of the Pharmakon’s projections, including (i) adverse market conditions affecting product pricing or the financial strength of the product’s marketer, (ii) challenges to a product’s patent or other intellectual property rights, (iii) adverse determinations relating to the product’s safety or use, (iv) adverse regulatory determinations; (v) interruptions or delays in product manufacturing; and (vi) insolvency of a company impacting such company’s ability to repay its obligations. If any of the foregoing events were to occur, such an event could have a material adverse effect on the company’s ability to make future payments of interest and principal, which could result in an extended maturity and duration, or potentially a substantial or full loss of capital. Any projections of returns on debt instruments are made using an assumption that borrowers will pay interest and repay principal at the time and in the amounts stated in the relevant debt instruments. All projections of future returns, of BPCR (including with respect to any individual investments) should be evaluated in light of these future uncertainties. The Discount Rate as set forth in this presentation with respect to individual investments was determined in accordance with Pharmakon’s valuation policy as of the referenced date. Since most of BPCR”s investments are considered “unlisted investments”, Pharmakon makes estimates and judgments and applies assumptions or subjective judgment to future events and other matters that may affect fair value. For such “unlisted investments” valued using a discounted cash flow analysis, the key judgments are the size of the market, pricing, projected sales of the relevant product at trade date and future growth and other factors that will support the repayment of a senior secured or royalty debt instrument. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise indicated, “gross IRR” with respect to each Private Fund or a particular investment means an aggregate, annual, compounded, as applicable, internal rate of return, calculated on the basis ofhistorical capital inflows and outflows related to the relevant fund or a particular investment, without taking into account the impact of management fees, incentive compensation, transaction and other fund costs and expenses. As used herein, “net IRR” with respect to each Private Fund means an aggregate, annual, compounded, as applicable, internal rate of return, calculated on the basis of realized capital inflows and outflows for all investments of the relevant entity, taking into account the impact of management fees and incentive compensation at the highest rates applicable to an investor in the relevant entity, transactional, and other fund costs and expenses. As used herein, “net IRR” with respect to each individual investment means an aggregate, annual, compounded, as applicable, internal rate of return, calculated on the basis of realized capital inflows and outflows for each investment, taking into account, for investments made by Private Fund I, Private Fund II, Private Fund III or Private Fund IV, the impact of its proportional share of fees and expenses actually paid by its relevant fund. For investments made by each Private Fund, the “net IRR” for each of its realized investments is calculated by reducing such realized investment’s gross IRR by 25%, which is the average difference between the gross IRR and net IRR for each realized investment from Private Fund I, Private Fund II, Private Fund III or Private Fund IV, excluding any equity or convertible instrument investments. as calculated in accordance with the preceding sentence. For investments made by BPCR, the “net IRR” for each of its realized investments is calculated by reducing such realized investment’s gross IRR by 20%, which is the average difference between the gross IRR and net IRR for each realized investment of BPCR since its inception through the most recently completed calendar year, and also reflecting that BPCR’s shareholders are all subject to the same fees and incentive compensation payable by BPCR. Pharmakon believes this methodology is the appropriate approach to derive an approximate realized net IRR for realized investments referenced herein. Unless otherwise indicated, “NAV” with respect to BPCR means net asset value per ordinary share with voting rights, as determined by subtracting BPCR's liabilities from its assets, divided by the then number of BPCR's ordinary shares with voting rights. Unless otherwise indicated, “gross multiple on invested capital” or “gross MOIC” with respect to each Private Fund or a particular investment means the sum of historical capital inflows related to the relevant fund or a particular investment, without taking into account the impact of management fees, incentive compensation, transaction and other fund costs and expenses, divided by historical capital outflows. As used herein, “net multiple on invested capital” or “net MOIC” with respect to each Private Fund means the sum of historical capital inflows for all investments of the relevant entity, taking into account the impact of management fees and incentive compensation at the highest rates applicable to an investor in the relevant entity, transactional, and other fund costs and expenses, divided by historical capital outflows. As used herein, “net multiple on invested capital” or “net MOIC” with respect to each individual investment means the sum of historical inflows for each investment, taking into account, for investments made by Private Fund I, Private Fund II, Private Fund III or Private Fund IV, the impact of its proportional share of fees and expenses actually paid by its relevant fund, divided by historical capital outflows. For investments made by each Private Fund, the “net multiple on invested capital” or “net MOIC” for each of its realized investments is calculated by reducing such realized investment’s gross multiple of invested capital by 5.7%, which is the average difference between the gross multiple of invested capital and net multiple of invested capital for each realized investment from Private Fund I, Private Fund II, Private Fund III or Private Fund IV, excluding any equity or convertible instrument investments, as calculated in accordance with the preceding sentence. For investments made by BPCR, the “net multiple on invested capital” or “net MOIC” for each of its realized investments is calculated by reducing such realized investment’s gross multiple of invested capital by 3.9%, which is the average difference between the gross multiple of invested capital and net multiple of invested capital for each realized investment of BPCR since its inception through the most recently completed calendar year, after pro-rata application of BPCR’s expenses across both realized and unrealized investments as of such most recently completed calendar year and also reflecting that BPCR’s shareholders are all subject to the same fees and incentive compensation payable by BPCR. Pharmakon believes this methodology is the appropriate approach to derive an approximate net MOIC for realized investments referenced herein. Certain information contained herein concerning economic or industry trends and performance estimates are based on or derived from information provided by independent third-party sources. Pharmakon believes that such information is accurate and that the sources from which it has been obtained are reliable. Pharmakon cannot guarantee the accuracy of such information, however, and has not independently verified the information or the assumptions on which such information is based. While Pharmakon’s valuations of unrealized investments are based on assumptions that Pharmakon believes are reasonable under the circumstances, the actual realized returns on unrealized investment will depend on, among other factors (including but not limited to any factors as set forth above), future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Please contact Pharmakon if you would like additional explanation concerning the models, including the estimates and assumptions, additional explanation of the risks and limitations of using target returns or additional information about the assumptions behind any hypotheticals (and the inherent limitations of any such hypotheticals). In view of the complexities of the tax laws and since no attempt is made herein to mention all of the tax considerations that should be taken into account in evaluating a potential investment, a person considering investing should consult their own tax adviser in order to understand fully the federal, state, local and foreign tax consequences of such investment to their particular situation. No representation is made as to the tax consequences of the operations of the investors. All trademarks and trade names used herein are registered to the respective companies identified herein. Any company logos, trademarks and/or trade names used herein are not intended to and do not suggest, imply or indicate any kind of endorsement by or with respect to any such respective companies. Disclaimer
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2.50 2.74 4.274.25 0.14 0.16 2 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Experienced Investment Team Pablo Legorreta Co-Founder and Principal Co-Founded Pharmakon in 2009 Founded Royalty Pharma in 1996 Martin Friedman Principal Joined Pharmakon in 2011 after 18 years in healthcare finance Pedro Gonzalez de Cosio Co-Founder, Principal and CEO Co-founded Pharmakon in 2009 after 17 years in structured finance investment banking Pharmakon Advisors, LP Note: Use of any company logos, trademarks and/or trade names not intended to and do not suggest, imply or indicate any kind of endorsement or otherwise. Toni Colombo, BA Administration Joined 2022 20 years in investment banking Patrick Fisher, BA VP, Investor Relations Joined 2020 12 years in investor relations Jeffrey Caprio, CPA VP & Controller Joined 2010 4 years in public accounting Emily Sturgeon-Turso, CPA Sr. Accountant Joined 2023 2 years in public accounting Douglas Kim, JD General Counsel & CCO Joined 2022 8 years in investment banking legal & compliance; 7 years in private practice Ankit Shah, BS Finance VP, Research & Investments Joined 2021 5 years in healthcare investment banking Scott Levitt, BSE, Bioengineering VP, Research & Investments Joined 2017 3 years in healthcare investment banking and 3 years in equity research Simon Gruber, PhD, Biophysics VP, Research & Investments Joined 2019 3 years in business development and 2 years in equity research Sam Helfaer, BS Physics VP, Research & Investments Joined 2024 11 years in healthcare investing and 1 year in healthcare investment banking Basile Graz, BA Sr. Associate, Research & Investments Joined 2024 2 years in healthcare investment banking Devin Rosenthal, PhD, Cell Bio VP, Research & Investments Joined 2026 6 years in healthcare investing and 9 years in biopharma operations Millie Kirkland, BS Associate, Research & Investments Joined 2025 2 years in healthcare investment banking Douglas Erb Chief Technology Officer Joined 2025 30 years in Investment Management operations, IT/Cyber Security & compliance Annie Kong, BA Associate, Research & Investments Joined 2026 3 years in healthcare investment banking
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2.50 2.74 4.274.25 0.14 0.16 3 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Financial Highlights as at 30 June 20261 Source: Pharmakon 1. Past performance is not an indication of future performance.
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2.50 2.74 4.274.25 0.14 0.16 4 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Recent Material Updates 1 July 2026 – 8 September 2026 From 1 July 2026 to 8 September 2026, BPCR sold 13.8 million of 2.50 per cent. senior unsecured convertible notes due 2032 issued by Zenas BioPharma, at an average price of $132.50. 10 July 2026 On 10 July 2026, BPCR entered into a $45 million senior secured loan agreement with Kestra Medical Technologies, Inc. BPCR funded Tranche A of $22.5 million at closing. The loan will mature in July 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. 13 July 2026 On 13 July 2026, BPCR funded Tranche A of $120 million of the ARCHIMED senior secured loan. Since ARCHIMED is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with BPCR’s other investments. 14 August 2026 On 14 August 2026, BPCR announced the successful completion of the sale of its interest in Lumira Colombia. With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment, on a gross and net basis1. The successful closing of the Lumira Colombia Sale marks the conclusion of the Company’s investment in the LumiraDx group companies. LumiraDx Colombia Holdings LTD, the former UK parent entity of Lumira Colombia will be liquidated in due course. 1. The recovery of principal investment is equal to the multiple of invested capital and excludes all expected expenses and w ind-down costs. For more information as to how BPCR calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1.
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2.50 2.74 4.274.25 0.14 0.16 5 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Insmed 19.4% Cash 11.0% ArchiMed/Esperion 10.6% Novocure 8.9%UroGen 2026 8.9% Evolus 2025 5.5% Idorsia 4.9% Geron 4.4% Precigen 4.4% Paratek 2026 4.3% Convertible Debt Positions 3.6% Zenas 3.4% Tarsus 3.3% Mineralys 2.7% Valneva 2.7% Kestra 2.0% ($ millions) Investment2 BioPharma Funds Commitment Projected IRR to Maturity3 Share (%) Share ($) Total Invested Outstanding Balance Remaining Tranches Insmed $512.0 10.5% 43% $218.7 $218.7 $218.7 - ArchiMed/Esperion $400.0 Low Double %4 30% $120.0 $120.0 $120.0 - Novocure $400.0 11.9% 50% $200.0 $100.0 $100.0 - UroGen 2026 $250.0 9.2% 50% $125.0 $100.0 $100.0 $25.0 Evolus 2025 $250.0 10.0% 42% $62.5 $62.5 $62.5 $41.7 Idorsia 5 $309.2 8.1% 30% $92.8 $55.7 $55.7 $37.1 Geron $250.0 10.9% 40% $100.0 $50.0 $50.0 - Precigen $125.0 12.0% 50% $62.5 $50.0 $50.0 $12.5 Paratek 2026 $100.0 Low Double %6 50% $50.0 $50.0 $48.8 - Zenas $250.0 11.1% 50% $125.0 $37.5 $38.4 $87.5 Tarsus $200.0 12.3% 50% $100.0 $37.5 $37.5 - Mineralys $500.0 10.7% 30% $150.0 $30.0 $30.0 $120.0 Valneva $215.0 10.3% 14% $30.0 $30.0 $30.0 - Kestra $150.0 10.6% 30% $45.0 $22.5 $22.5 $22.5 Total $3,911.2 $1,481.5 $964.4 $964.1 $346.3 Converts & Other Equity $1,005.0 BPCR Total Assets: $1.1bn 1. As at 22 September 2026, unless otherwise indicated. Includes 6 convertible debt positions. 2. Excludes convertible debt and unsecured note positions. 3. “Projected IRR to Maturity” represents Pharmakon's estimate of gross IRR with respect to the relevant investment, assuming all realized interest payments through 30 June 2026 and estimating future interest payments using SOFR as at 29 June 2026 (this calculation assumes no early prepayments). This hypothetical performance has many inherent limitations and there is no representation that the investment will or is likely to achieve its projected IRR. The performance is subject to all of the risks for forward-looking statements referenced in the legend on page 1 and will vary depending on the assumptions used. 4. Since ArchiMed/Esperion is a privately held company, details about the loan are not publicly available, but terms are generally comparable with other investments. 5. BPCR will use forward contracts to hedge the CHF exposure, which 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. Referenced amounts in this row are the USD equivalent as of 25 June 2026 to relevant CHF amounts. 6. Since Paratek is a privately held company, details about the loan are not publicly available, but terms are generally comparable with other investments. BPCR currently has ~$1bn invested across 20 transactions1 Outstanding Balances + Cash (As at 22 September 2026) 4
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2.50 2.74 4.274.25 0.14 0.16 6 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 BPCR currently holds investments in six convertible debt positions1 Source: Company Filings Note(s): Use of any company logos, trademarks and/or trade names not intended to and do not suggest, imply or indicate any kind of endorsement or otherwise. 1. Portfolio positions as at 22 September 2026. Market data as at 22 September 2026. ($ millions) Convertible Debt Details BioPharma Credit1 Company Details Investment Issuance Date Total Convert Issuance Coupon Maturity Current Price1 Investment Date Original Inv. Amount Outstanding Balance Current Value1 % of Portfolio Market Cap Asset (Indication) Cogent 11/18/2025 $230.0 1.625% 11/15/2031 $109.4 11/18/2025 $1.3 $1.3 $1.4 0.1% $5,662 Bezuclastinib (NonAdvSM, AdvSM, GIST) Zenas 3/27/2026 $200.0 2.500% 4/1/2032 $145.2 3/27/2026 $20.0 $6.2 $9.0 0.3% $2,154 Obexelimab (IgG4-RD) Viridian 5/7/2026 $250.0 1.750% 5/15/2032 $117.8 5/7/2026 5/18/2026 $10.0 $5.0 $15.0 $17.7 0.8% $2,506 Lumvoa (TED) Syndax 6/3/2026 $250.0 2.250% 6/15/2031 $108.0 6/3/2026 $12.5 $12.5 $13.5 0.7% $1,624 Revuforj (r/r acute leukemia) Niktimvo (chronic GvHD) Celcuity '26 6/4/2026 $500.0 0.250% 8/1/2032 $99.2 6/4/2026 $3.0 $3.0 $3.0 0.2% $4,115 Gedatolisib (PI3K/AKT/ mTOR pathway advanced breast cancer) Nuvation 6/25/2026 $250.0 0.750% 7/1/2032 $106.7 6/25/2026 $3.0 $3.0 $3.2 0.2% $2,148 Ibtrozi (locally advanced or metastatic ROS1+ NSCLC) Total $54.8 $41.0 $47.7 2.2%
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2.50 2.74 4.274.25 0.14 0.16 7 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Source: Pharmakon, Kestra public disclosures, Wall Street Analysts 1 – Analyst estimates as of 09/18/2026, Kestra FY 1Q27 ends July 31 st $150m senior secured corporate loan Kestra: Kestra is a commercial-stage wearable medical device and digital healthcare company focused on improving cardiovascular outcomes through diagnostic monitoring and therapeutic technologies Market Cap: $1.5bn as of 18 September 2026 Cash: $245m as of 31 July 2027 (end of fiscal 1Q27) LTM Sales: $107m as of 31 July 2027 Main Product: Cardiac Recovery System platform is anchored by the ASSURE Wearable Cardioverter Defibrillator (“WCD”), which continuously monitors patient heart rhythms and automatically delivers defibrillation therapy when life-threatening ventricular arrhythmias are detected. The platform also includes digital patient engagement and clinical workflow solutions designed to improve patient adherence, support care coordination, and provide actionable clinical insights throughout the recovery process $95 $141 $196 $271 $351 $426 $0 $100 $200 $300 $400 $500 2026A 2027E 2028E 2029E 2030E 2031E ASSURE WCD Analyst Sales Consensus ($mm)1 Investment: Original Inv. Date: July 10, 2026 Structure: Secured Loan Total Loan Commitment: $150m Current BioPharma Funds Balance: $75m BPCR / PF-V Share: 30% / 70% Cash Balance (1Q27): $245m LTM 1Q27 Sales: $107m Maturity: July 2031 Coupon: S + 5.50% (3.25% SOFR floor) Amortization: 48 months interest only Fees: 1.75% upon each tranche draw 2.75% upon repayment Prepayment Terms: 3%, 2%, 1% if prepaid before 3rd, 4th, 5th anniversary
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2.50 2.74 4.274.25 0.14 0.16 8 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Source: Pharmakon, Idorsia public disclosures, Wall Street Analysts 1 – Analyst estimates as of 2Q 2026 CHF 250m senior secured corporate loan Idorsia: Switzerland-based biopharmaceutical company specialized in the discovery, development, and commercialization of innovative small molecules Market Cap: $1.6bn as of 18 September 2026 Cash: CHF 89m as of 30 June 2026 LTM Sales: CHF 173m as of 30 June 2026 Main Product: 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. CHF 134 CHF 204 CHF 253 CHF 294 CHF 350 CHF 406 CHF 463 CHF 0 CHF 200 CHF 400 CHF 600 2025A 2026E 2027E 2028E 2029E 2030E 2031E Quviviq Analyst Sales Consensus (CHFmm)1 Investment: Original Inv. Date: June 8, 2026 Structure: Secured Loan Total Loan Commitment: CHF 250m Current BioPharma Funds Balance: CHF 150m BPCR / PF-V Share: 30% / 70% Cash Balance (2Q26): CHF 95m LTM 2Q26 Sales: CHF 173m Maturity: June 2031 Coupon: 7.00% Fixed Amortization: ND Fees: 1.50% upon tranche draw ND upon repayment Prepayment Terms: ND
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2.50 2.74 4.274.25 0.14 0.16 9 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Source: Pharmakon, Mineralys public disclosures, Wall Street Analysts 1 – Analyst estimates as of 2Q 2026 $500m senior secured corporate loan Mineralys: 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 Market Cap: $2.5bn as of 18 September 2026 Cash: $661m as of 30 June 2026 LTM Sales: N/A Main Product: 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 (PDUFA: 12/22/26) $0 $0 $97 $282 $579 $851 $1,078 $0 $200 $400 $600 $800 $1,000 $1,200 2025A 2026E 2027E 2028E 2029E 2030E 2031E Lorundrostat u/r HTN Analyst Sales Consensus ($mm)1 Investment: Original Inv. Date: June 2, 2026 Structure: Secured Loan Total Loan Commitment: $500m Current BioPharma Funds Balance: $100m BPCR / PF-V Share: 30% / 70% Cash Balance (2Q26): $661m LTM 2Q26 Sales: $0m Maturity: June 2031 Coupon: S + 5.50% (3.25% SOFR floor) Amortization: ND Fees: 2.00% upon tranche draw ND upon repayment Prepayment Terms: ND
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2.50 2.74 4.274.25 0.14 0.16 10 Body Text Background Message Box, Table Highlight Headings Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 255/204/0 0/102/204 0/0/0 170/184/226 216/234/216 255/255/255 0/0/0 127/127/127 210/170/0 204/204/204 194/224/255 96/122/201 178/178/178 255/224/102 71/163/255 0/128/0 Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Investment: Original Inv. Date: April 30, 2026 Structure: Secured Loan Total Loan Commitment: $400m Current BioPharma Funds Balance: $400m BPCR / PF-V Share: 30% / 70% Cash Balance (1Q26): $156m LTM 1Q26 Sales: $164m Maturity: ND Coupon: ND Amortization: ND Fees: ND Prepayment Terms: ND $160 $213 $262 $329 $396 $459 $0 $100 $200 $300 $400 $500 2025A 2026E 2027E 2028E 2029E 2030E Esperion Analyst Sales Consensus ($mm)1 Source: Pharmakon, Esperion public disclosures, Wall Street Analysts 1 – Analyst estimates as of 4Q 2025 $400m committed debt financing ARCHIMED: Investment firm focused exclusively on healthcare industries Esperion: Commercial-stage biopharmaceutical company. The company has developed and is commercializing oral, once-daily, non-statin medicines for patients who are at risk for cardiovascular disease. Valuation: Acquired for up to $1.1bn in July 2026 (including commercial- based milestones). Esperion shareholders received $3.16 per share in cash at closing, plus the right to contingent milestone payments of up to $100m in aggregate tied to future net sales performance. Sales: The company is private and does not publicly report sales. The last publicly reported TTM sales as of 31 March 2026 were $168m Main Products: Nexletol (bempedoic acid) tablets and Nexlizet (bempedoic acid and ezetimibe) tablets, are oral, once-daily, non-statin medicines used to reduce the risk of myocardial infarction in primary and secondary prevention patients unable or unwilling to take statin therapies.