Portfolio Update

RNS Number : 2829X

Intl. Biotechnology Trust PLC

02 December 2010

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update - Archemix acquisition and Sutro Biopharma investment

The Board of International Biotechnology Trust plc (the "Company") notes the following developments in the unquoted portfolio during November.

Archemix assets acquired by Baxter

On 19 November 2010 Baxter International (NYSE:BAX) announced that it will acquire the hemophilia assets of portfolio company Archemix Corp.(Cambridge, Mass.) for $30 million in cash upfront and up to $285 million in potential milestones.

The valuation of Archemix has been changed to £583k ($911k) from £270k ($422k) to reflect the terms of the deal, and currently only attributes value to the upfront cash payment.

Significant milestones payments are receivable on clinical and regulatory success for the assets but to reflect the risk and likely timing of receipt, these are valued at zero at the present time.

Sutro Biopharma follow-on investment

During the month a follow-on investment of £128k ($198k) was made into Sutro Biopharma as part of a Series C financing.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                       

Rhona Gregg

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

2 DECEMBER 2010

 

END

 

 

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