Portfolio Update

RNS Number : 7956K

Intl. Biotechnology Trust PLC

24 December 2008

 

24 December 2008

PORTFOLIO COMPANY UPDATE

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

On 23 December 2008, portfolio company Archemix announced a worldwide strategic alliance with GlaxoSmithKline to discover, develop and commercialise aptamer therapeutics to treat inflammatory disease. The terms of the deal provide for a $27.5m upfront payment with a further $200m in milestone-dependent tranches and tiered royalties on worldwide sale if any products result from the alliance. The valuation of the holding in Archemix, totalling £1.2 million (representing 1.1 % of net asset value), has not been changed at this point.

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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