Portfolio Update

RNS Number : 1968A

Intl. Biotechnology Trust PLC

18 December 2014

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc (IBT) notes the following positive news in relation to companies in its unquoted portfolio.

Merck has acquired the oncology focused portfolio company OncoEthix for an upfront payment of $110m and additional contingent milestones of $265m. This has resulted in an uplift to IBT's valuation of £2.1m, with the opportunity for further potential payments of up to £4.7m dependent on achieving certain clinical and regulatory milestones.

In addition, a contingent milestone payment of $88m, associated with the purchase of ESBATech by Alcon in 2009, has been achieved this week, which will result in a receipt of $2.0m (£1.3m) in January 2015 and an increase of £350k in the current valuation of the remaining contingent stake.

The net impact of these two changes is an increase of 5.7 pence to the NAV per share.

Lastly, business development discussions are at an advanced stage in another unquoted company and a further announcement will be made when either a deal is agreed, or negotiations cease.

Enquiries:

Kate Bingham/Carl Harald Janson

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                       

18 DECEMBER 2014

 

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