Pfizer agrees to acquire portfolio company Metsera
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INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")
Pfizer agrees to acquire portfolio company Metsera
IBT notes the announcement this morning regarding Pfizer and Metsera's definitive agreement under which Pfizer will acquire Metsera, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for $47.50 per share in cash and a potential further $22.50 per share in cash tied to three specific clinical and regulatory milestones.
In aggregate, this offer represents up to a 110% premium on Metsera's closing share price of $33.32 on Friday 19 September. Metsera represents 1.1% of IBT's NAV as at 19 September, as included in IBT's regular daily NAV update earlier this morning.
Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said:
"This 31st M&A deal for a holding in our portfolio since 2020 reinforces why identifying potential acquisition targets is a core part of our investment strategy: Biotech M&A continues to be an attractive route for large pharmaceutical companies to replenish their patent expiry pipelines in the coming years. Pfizer's agreement to acquire Metsera highlights big pharma's ongoing enthusiasm for obesity related therapies as a key theme driving returns for biotech investors."
The updated valuation of IBT's holding in Metsera will be included in IBT's NAV as at close of business today, to be reported in the usual way tomorrow morning, 23 September.
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ENDS
Enquiries:
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Schroder Investment Management Limited Kirsty Preston (PR) Natalia de Sousa (Company Secretary)
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020 7658 6000 020 7658 6000
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Kaso Legg Communications (Financial PR) Charles Gorman Henry Taylor Effie Aye Maung Hider |
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