Portfolio company Day One acquired by Servier

Summary by AI ^BETAClose X

International Biotechnology Trust PLC announced that its portfolio company, Day One Biopharmaceuticals, has agreed to be acquired by Servier for $2.5 billion in cash, with Day One shareholders receiving $21.50 per share, a 67% premium. Day One, which represents 1.8% of IBT's Net Asset Value as of March 5th, has developed the FDA-approved OJEMDA therapy for a specific type of childhood brain tumor. This acquisition is the first for IBT in 2026 and follows nine portfolio company acquisitions in 2025, indicating a continued trend of M&A activity in the biotech sector driven by pharmaceutical companies addressing patent cliffs. The updated valuation of IBT's holding in Day One will be reflected in its NAV report.

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Intl. Biotechnology Trust PLC

09 March 2026

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Servier agrees to acquire IBT portfolio company Day One Biopharmaceuticals

IBT notes the announcement on Friday 6 March 2026 that Day One Biopharmaceuticals ("Day One") has entered into an agreement to be acquired by Servier for $2.5 billion in cash.

Based in California, Day One is a commercial-stage biopharmaceutical company focused on developing targeted therapies in oncology. The company's trademarked OJEMDA therapy is the first and only FDA-approved type II RAF inhibitor for the treatment of patients 6 months of age and older with relapsed or refractory paediatric low-grade glioma, the most common form of childhood brain tumour.

Under the terms of the agreement, Day One shareholders will receive USD 21.50 per share in cash at closing, representing a premium of 67% to the closing share price on 5 March. As at close of business on 5 March, Day One represented 1.8% of IBT's Net Asset Value, as included in IBT's daily NAV update on 6 March.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said:

"Nine of IBT's portfolio companies were acquired in 2025, and this first deal of 2026 for our portfolio shows that the wave of M&A in the biotech sector is set to continue at pace. Our investment process, which examines biotechnology companies through the same lens as pharmaceutical business development departments, enables us to identify potential acquisition targets, delivering significant upside for shareholders. The patent cliff facing major pharmaceutical companies remains a significant driver of M&A activity and we expect this period of dealflow to continue for the foreseeable future, creating more opportunities for IBT to take advantage."

The updated valuation of IBT's holding in Day One will be included in IBT's NAV as at close of business on Friday 6 March, to be reported in the usual way today.

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ENDS

Enquiries:

Schroder Investment Management Limited

Kirsty Preston (PR)

Natalia de Sousa (Company Secretary)

020 7658 6000

Kaso Legg Communications (Financial PR)

Charles Gorman

Henry Taylor

Effie Aye Maung Hider

IBT@kl-communications.com

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