BPCR is a specialist London-listed investment company that provides debt financing to emerging life sciences companies with approved or late-stage pharmaceutical products. Managed by Pharmakon Advisors, the trust seeks to deliver attractive, predictable income for investors by lending against high-value medicines rather than investing directly in biotech equities. Its highly specialised team combines extensive healthcare, banking and credit expertise to identify businesses with strong commercial prospects, focusing on capital preservation through disciplined underwriting, careful loan structuring and rigorous due diligence.

In this interview, John Hughman speaks to Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, about how the company identifies lending opportunities within the biopharmaceutical sector and why debt has become an increasingly attractive source of funding for innovative healthcare companies. Pedro explains the trust’s selective investment process, its emphasis on approved therapies, patent protection and downside risk management, and discusses how higher interest rates, changing market conditions and advances such as gene therapy, cell therapy and AI are shaping future opportunities. The conversation also explores the trust’s dividend record, discount to NAV, and Pedro’s ambitions to broaden the shareholder base and support the trust’s continued growth.