HBM Healthcare Investments - Top 10 holding Viela Bio to be taken out for $3bn
HBM Healthcare Investments (HBMN) is set to receive $92.75m through the takeover of portfolio holding Viela Bio by Horizon Therapeutics, a c 47% uplift on the value of the position at 31 December 2020 and a 53% premium to the closing share price on 31 January 2021. In our view, the takeover (which is expected to complete during the current quarter) further validates HBMN’s private/public approach, with the price paid representing a c 4x return on the fund’s initial pre-IPO investment of $20m in Q219. Taking into account a further $9.5m invested at Viela Bio’s IPO in October 2019, the overall profit is c 220%. We calculate the value of the deal to represent an uplift of c 1.4% on HBMN’s NAV per share.HBM Healthcare Investments is a holding company. Through its subsidiaries, Co. is engaged in the acquisition, holding and sale equity interests in companies in the human medicine, biotechnology, medical technology and diagnostics sectors, and related areas. Co.'s portfolio includes approximately 25 companies.
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