14th Jan 2025 15:56
International Biotechnology Trust PLC - London-based investment trust - Notes sale of investee Intra-Cellular Therapies Inc to Johnson & Johnson. Says price of USD132 per share, total USD14.6 billion, represents a premium of approximately 40% to its closing share price on January 10. ITCI represents 7.1% of IBT's net asset value and is its largest shareholding.
IBT portfolio managers Ailsa Craig and Marek Poszepczynski said: "We have long recognised that mergers and acquisitions are an important driver of returns in the biotech sector, with large pharmaceutical companies turning to biotech firms to replenish their pipelines of drugs in development and fill revenue gaps as patents expire.
"During our time as portfolio managers, we have successfully positioned IBT's portfolio to capture potential takeover targets, with 27 M&A deals among portfolio companies since 2021. This latest deal, in our largest holding as at January 10, continues this track record of leveraging M&A activity to deliver returns."
Current stock price: 688.65 pence, up 0.7%
12-month change: up 5.6%
By Michael Hennessey, Alliance News reporter
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