Report
Martin Hall

International Biotechnology Trust (IBT): Low FDA activity may drive further M&A

IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has increased 25%, while the share price has increased 32% over the same period – the superior returns generally reflected by a reduction in the share price discount.
Underlying
International Biotechnology Trust PLC

International Biotechnology Trust is an independent investment trust company. Co. invests primarily in biotechnology and other life science companies. The portfolio is split between large, mid and small capitalisation companies, primarily quoted on stock exchanges in North America, though investments will also be made in Europe, Asia and Australia. Investments may also be made into unquoted companies and into funds not quoted on a stock exchange, including venture capital funds. Co. has delegated responsibility for day-to-day investment of its assets to the Alternative Investment Fund Manager, SV Health Managers LLP.

Provider
Hardman & Co
Hardman & Co

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Analysts
Martin Hall

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