Portfolio Update

RNS Number : 0397A

Intl. Biotechnology Trust PLC

28 July 2008

 

28 July 2008

PORTFOLIO COMPANY UPDATE

The Board of International Biotechnology Trust plc (the 'Company') notes the following development within the quoted portfolio:

On Friday, 25 July 2008, portfolio company Acambis announced that it has signed a definitive agreement with Sanofi-Aventis to accept its cash offer for the entire issued and to be issued capital of Acambis. Each shareholder is to receive 190p in cash for each share, a premium of 65.2% to the Acambis share price of 115p at close of business on Thursday, 24 July 2008. The offer values Acambis at £276m. 

As at close of business on Thursday, 24 July 2008, the Company's investment in Acambis represented 2.0% of the Company's net ('NAV'). If the full terms of the agreement had been incorporated into the NAV on 24 July 2008, this development would have added 1.9p, or 1.3%, to the NAV per share on that day. 

Enquiries:

Kate Bingham/David Pinniger

SV Life Sciences Managers LLP          

Investment Manager                                          Tel: [phone]

Louise Richard

Schroder Investment Management Limited         Tel: [phone]

 

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