Portfolio Update

RNS Number : 8655H

Intl. Biotechnology Trust PLC

01 March 2010

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc notes the following development within the portfolio:

On Monday, 1 March 2010 portfolio company OSI Pharmaceuticals received an offer from Astellas to be acquired for $52.00 per share in cash. The terms value OSI Pharmaceuticals at $3.5bn and represent a premium of 40.0% to the previous day's closing share price of $37.02 per share.

As at close of business on Friday, 26 February 2010, the Company's investment in OSI Pharmaceuticals represented 1.8% of the Company's net asset value ("NAV"). Incorporating the terms of the offer into the NAV would have added 0.8% to the Company's NAV on that day or 1.2p per share.

The management of OSI Pharmaceuticals believes the offer significantly undervalues the business. The transaction is subject to the approval of the shareholders of OSI Pharmaceuticals. Astellas is to commence a tender offer for the outstanding common stock of OSI Pharmaceuticals from Tuesday, 2 March 2010.

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

1 MARCH 2010

 

END

 

 

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