International Biotechnology Trust expects more M&A after Soleno deal

(Alliance News) - International Biotechnology Trust PLC on Tuesday said another portfolio company has agreed to be taken over, the fourth such deal in a matter of weeks.

Shares in the London-based trust, which targets high-growth biotechnology companies, rose 2.4% to 956.55 pence each in London on Tuesday.

On Monday, Redwood City, California-based Soleno Therapeutics Inc, currently the largest holding in IBT's portfolio, agreed to be taken over by San Diego, California-based Neurocrine Biosciences Inc for USD2.9 billion.

According to Association of Investment Companies data, IBT held a 5.5% interest in Soleno as at February 28.

Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said: "We are seeing frenetic dealmaking activity in the biotech sector as we move into Q2 2026, with pharmaceutical companies continuing to rely on acquisitions of innovative biotechnology companies to add new therapies to their pipelines and replace lost revenues from patent expiries in the coming years."

"We expect this wave of M&A activity to continue and have positioned our portfolio to take advantage, with the drivers of elevated dealflow activity likely to remain firmly in place for the foreseeable future."

IBT said the updated valuation of its holding in Soleno will be included in IBT's net asset value as at close of business on Tuesday, to be reported on Wednesday.

As of April 1, IBT's NAV per share was 1,055.30p ex-income, and 1,022.80 cum-income.

The deal is the fourth acquisition within IBT's portfolio in 2026 following three agreements in March alone.

In March, portfolio companies Day One Biopharmaceuticals Inc, Apellis Pharmaceuticals Inc and Terns Pharmaceuticals all struck takeover deals.

By Jeremy Cutler, Alliance News reporter

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