Portfolio Update

RNS Number : 8274M

Intl. Biotechnology Trust PLC

01 June 2010

 



International Biotechnology Trust plc

Portfolio Update

The Board of International Biotechnology Trust plc (the "Company") notes that the portfolio company RespiVert Ltd has been sold to Centocor Ortho Biotech, Inc.

The Directors have changed the valuation of the Company's interest in RespiVert from £1.00m to £2.07m on a cost of £0.50m to reflect the terms of the deal.  The upfront payment is recognised in full - £1.90m, the escrow payments are recognised at 50% of their value or £0.17m.  This change in valuation will be included in the Company's net asset value ("NAV") from today and will be released to the market tomorrow.  The increase to NAV per share in comparison to that released on Friday is 1.7p. 

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                       

Rachael Nelson

For and on behalf of

BNP Paribas Secretarial Services Limited

Company Secretary

Telephone:  [phone]

1 JUNE 2010

 

END

 

 

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