Portfolio Update

RNS Number : 1166Y

Intl. Biotechnology Trust PLC

27 August 2009

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc (the 'Company') notes that one of its unquoted portfolio companies, which cannot be named for commercial reasons, is close to concluding a sale of its business to an acquirer. Although negotiations have been ongoing for some weeks, causing the Directors to remain within a close period, the deal has now progressed to a point where the Investment Manager considers the likelihood of success warrants a note to the market. The deal is likely to be signed and announced in the next four to six weeks at which point a further announcement will be made.

The Directors have not changed the valuation of this portfolio company, which remains approximately £1.3m, as deal risk remains, but if successful, the deal would contribute a multiple of current portfolio company cost and value to the NAV of the Company through an upfront payment, and further milestone based tranches based on clinical success.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                        

Rachael Nelson

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

27 August 2009

 

END

 

 

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