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LONDON (Alliance News) - International Biotechnology Trust PLC Monday posted increases in net asset value per share and total assets in the year ended August 31.
Net asset value per share was 313.05 pence, up from 237.47 pence in the previous year. The company had a total equity of GBP172.7 million, up from GBP128.9 million in the previous year.
The company said that positive performance was generated from both the quoted and unquoted parts of its portfolio, which increased 38% and 18%, respectively. The latter was boosted by the upward re-evaluation of four of its investments already exited but for which the trust retains the right to receive future contingent performance-based payments.
The quoted portfolio did not keep pace with the underlying Nasdaq Biotechnology Index, International Biotechnology said, which increased 47%. Three significantly underweight stocks in Regeneron, Vertex and Biogen contributed to this under-performance, it said.
The company said that the investment community continues to be attracted to the biotechnology sector's strong growth rates.
Shares in International Biotechnology were trading up 1.0% at 294.99 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
