BioPharma Credit (ticker: BPCR) specialises in lending to life science firms. Most of its loans are at variable rates over five years and secured on revenues from already-approved products. It runs a concentrated portfolio that currently consists of just twelve loans. In addition to interest received, the trust gets significant income from prepayment and make-whole fees, as nearly all of its loans are repaid early. BioPharma raised around $1.4bn in its March 2017 IPO and three large follow-up fundraisings and it is by far the largest trust across the various debt sub-sectors. Its shares are pr...