Portfolio company Soleno acquired by Neurocrine

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Neurocrine agrees to acquire IBT portfolio company Soleno

IBT notes the announcement yesterday that Soleno Therapeutics (Soleno), currently the largest holding in IBT's portfolio, has entered into an agreement to be acquired by Neurocrine Biosciences (Neurocrine) for $2.9 billion.

Soleno is a biotechnology company focused on developing and commercialising novel therapies for rare diseases, especially Prader-Willi Syndrome (PWS). Its lead candidate, Vykat XR, which significantly lessens hyperphagia (excessive hunger) symptoms in PWS, was launched in 2025 and generated $190 million of revenue last year, including $92 million in Q4.

Under the terms of the agreement, Soleno shareholders will receive $53 per share in cash at closing, representing a premium of approximately 34% to the closing share price on Thursday 2 April. As at close of business on Wednesday 1 April, Soleno represented 6% of IBT's Net Asset Value, as included in in IBT's daily NAV update on Thursday 2 April.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said:

"We are seeing frenetic dealmaking activity in the biotech sector as we move into Q2 2026, with pharmaceutical companies continuing to rely on acquisitions of innovative biotechnology companies to add new therapies to their pipelines and replace lost revenues from patent expiries in the coming years. Soleno is part of a growing cohort of mature, clinically de-risked companies that we refer to as "Biotech 2.0", with these businesses capable of being acquisition targets or generating significant revenues as standalone companies.

This latest deal is the fourth acquisition within IBT's portfolio in 2026 following three deals involving our holdings in March alone. We look at companies through the same lens as pharmaceutical business development departments and our ability to capture upside from M&A activity is testament to the effectiveness of this process.

We expect this wave of M&A activity to continue and have positioned our portfolio to take advantage, with the drivers of elevated dealflow activity likely to remain firmly in place for the foreseeable future."

The updated valuation of IBT's holding in Soleno will be included in IBT's NAV as at close of business on Tuesday 7 April, to be reported in the usual way on Wednesday 8 April.

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