Portfolio Update

RNS Number : 0105S

Intl. Biotechnology Trust PLC

11 May 2009

 

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

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

On Friday 8 May 2009 portfolio company VNUS Medical Technologies announced it had signed a definitive agreement with Covidien to be acquired for $29 per share in an all cash offer. The terms value VNUS Medical Technologies at $440m net of cash acquired, and represent a premium of 36% to the previous day's closing share price.

As at close of business on Thursday 7 May 2009, the Company's investment in VNUS Medical Technologies represented 1.7% of the Company's net asset value ('NAV'). Incorporating the terms of the agreement into the NAV would have added 0.9p or 0.6% 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 June 30, 2009.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                        

Rachael Nelson

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

11 May 2009

 

END

 

 

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