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Schroders Capital notes Roche buys portfolio firm for USD2.7 billion

Fri, 08th Dec 2023 11:22

(Alliance News) - Schroders Capital Global Innovation Trust PLC on Friday noted that its portfolio company Carmot Therapeutics Inc has been acquired by Roche Holding AG.

On Monday, Roche said it had agreed to acquire Berkeley, California-based biotechnology company Carmot, which is conducting trials for potential obesity treatment options.

Roche, a Basel, Switzerland-based pharmaceuticals firm, said the USD2.7 billion purchase of the clinical-stage company will give it access to a differentiated portfolio of incretins, which are a group of metabolic hormones that stimulate a decrease in blood glucose levels.

On Friday, Schroders Capital noted the agreement, which is expected to close in the first quarter of 2024.

It said that full details of the profit on the sale "will be released in due course".

In May, Schroders Capital made a USD1.7 million investment into Carmot.

Lead Portfolio Manager Tim Creed and Co-Portfolio Manager Harry Raikes said: "We chose to invest in Carmot Therapeutics based on its compelling assets, which are backed by robust clinical data. The company operates in the rapidly expanding GLP1 space, which has garnered significant attention worldwide.

"Overall, the company fulfilled our four key investment criteria: a strong management team, a significant market opportunity, high quality science and reputable co-investors. We are delighted by the news of this sale, which has occurred earlier than expected but reflects the unique nature of Carmot's pipeline."

Shares in Schroders Capital fell 2.6% to 14.81 pence each in London on Friday morning.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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