Portfolio Update - Replacement

RNS Number : 1862C

Intl. Biotechnology Trust PLC

14 January 2015

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The following amendment has been made to the 'Portfolio Update' announcement released on Monday, 12 January 2015 at 09:21 under RNS Number 8924B.

The contact telephone number for the Investment Manager was incorrectly stated and should have read 020 7421 7070.

All other details remain unchanged.

The full amended text is shown below:

The Board of International Biotechnology Trust plc (the Company) notes the following unquoted portfolio event.

Today Biogen Idec announced that it has agreed to acquire UK based unquoted portfolio company, Convergence Pharmaceuticals (Convergence) for a total of $675m - an upfront payment of $200m with further milestone based payments that could total $475m.  Hart-Scott-Rodino (HSR) approval is required to trigger the upfront payment, which is expected within fifteen days.  At that point the Company will receive $3.2m (£2.1m) from the upfront payment and may receive up to $7.2m (£4.7m) in further milestone based payments as Convergence's drugs are developed.  The Company's current cost and valuation were £420k.  From today, the valuation of Convergence within the unquoted portfolio has been written up to £4.4m - £2.1m attributable to the upfront payment and £2.3m to a discount on the milestone payments. The increase in Net Asset Value from the valuation released today will be £4.0m or 9.4 pence per share.

Enquiries:

Kate Bingham/Carl Harald Janson

Telephone: [phone]

SV Life Sciences Managers LLP

Investment Manager

14 JANUARY 2015

 

END

 

 

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