Portfolio Update

RNS Number : 8673M

Intl. Biotechnology Trust PLC

01 June 2010

 



International Biotechnology Trust plc

Portfolio Update

The Board of International Biotechnology Trust plc (the "Company") notes the following development within the portfolio.

On Tuesday, 1 June 2010 Covidien (NYSE:COV) announced it had signed a definitive agreement with portfolio company ev3 (NASDAQ:EVVV) to be acquired for $22.50 per share in an all cash offer. The terms value ev3 at $2.6bn net of cash acquired, and represents a premium of 19% to the previous day's closing share price.

As at close of business on Friday, 28 May 2010, the Company's investment in ev3 represented 2.9% of the Company's net asset value ("NAV"). Incorporating the terms of the agreement into the NAV would have added 0.9p or 0.54% to the Company's NAV on that day.

The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed by 31 July 2010.

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

 

 

PFUBXGDLIBGBGGB