The Biotech Growth Trust Sees M&A As Driver In Biotechnology Sector

Mon, 10th Nov 2014 16:48

LONDON (Alliance News) - The Biotech Growth Trust PLC Monday said it outperformed its benchmark in the first half of its financial year, boosted by its holdings in Gilead Sciences, Intermune and Puma Biotechnology.

In a statement, the trust said net asset value per share rose by 20.3% and the share price by 21.4% in the six months ended September 30, both outperforming the benchmark, the NASDAQ Biotechnology Index, which measured in sterling terms rose by 19.1%.

"The development of new products and the prospect of merger and acquisition activity continue to be key drivers for the biotechnology sector," Chairman Lord Waldegrave of North Hill said in a statement.

The Biotech Growth Trust shares closed up 1.4% at 624.00 pence on Monday.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Biotech Gwth