Review: Double-digit returns with a double-digit discount
BB Biotech AG (BION) is a Swiss-based investment company specialising in the biotechnology sector, with a focus on mid-sized and larger companies that are already generating revenues. Exposure to success stories such as Gilead, whose hepatitis C treatment Sovaldi became a record seller on its introduction earlier this year, has seen the portfolio achieve annualised gains of more than 20% over five years, yet the discount to NAV remains wide, at 20% (double the peer group average excluding BION). A 5% annual distribution policy means BION is the only biotech specialist trust with a yield, equivalent to 4.5% at 16 July.Co.'s principal activity is to invest in biotechnology companies globally. The investments are held through its wholly-owned subsidiaries: Biotech Focus N.V., Biotech Invest N.V., Biotech Target N.V., and Biotech Growth N.V., all of which are located in Curacao. Co. acquires holdings in companies in the biotechnology growth market. The focus of the holdings is on quoted companies that are concentrating on the development and marketing of innovative medicines. For the selection of holdings, Co. relies on fundamental analysis by physicians and molecular biologists.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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