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LONDON (Alliance News) - International Biotechnology Trust PLC on Tuesday said it beat its benchmark in the first six months of its financial year as the biotechnology sector was boosted by a slew of positive news in the period.
The trust said its net asset value per share rose 45% in the six months to the end of February, ahead of the 31.1% return from the NASDAQ Biotechnology Index, the fund's benchmark.
The good performance was driven by merger and acquisition activity in the sector in the half, with three companies in its quoted portfolio - Cubist Pharmaceuticals, NPS Pharmaceuticals and Salix Pharmaceuticals - all the subject of acquisitions in the half.
Shares in the fund were up 0.6% to 561.125 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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