International Biotechnol... Share Discussion Threads

[melloteam] 12/4/2024 13:44

FREE EVENT

IBT will be presenting on the Mello Investment Trusts and Funds event on Tuesday 23rd April 2024 at 1pm

The programme is as follows:

1:00pm Emma Bird, Head of Investment Trust Research, Winterflood Securities
1:30pm Company presentation by JPMorgan Asia Growth & Income plc
2:00pm Company presentation by Literacy Capital
2:30pm Company presentation by International Biotechnology Trust
3:00pm Investment Trusts and Funds Panel

For more information, click here:

To join for free, register for the webinar here:

[affemoose] 27/2/2024 11:08

Anyone watching the CityWIre IBT presentation that's on now?

[speedsgh] 22/2/2024 15:15

David Stevenson: Biotech has turned from the bear -

[speedsgh] 12/12/2023 19:13

Dividend Declaration -

At the Annual General Meeting of International Biotechnology Trust plc (the "Company") held on 12 December 2023, shareholders approved the Company's dividend policy of making dividend payments, equivalent to 4% of the Company's net asset value as at the last day of the preceding financial year (31 August 2023), through two equal semi-annual distributions.

The Directors have today declared the payment of a first Interim dividend of 13.9 pence per ordinary share for the year ending 31 August 2023.

Ex-dividend date: 21 December 2023
Record date: 22 December 2023
Payment date: 26 January 2024
Dividend per share: 13.9 pence

[bmcollins] 14/11/2023 08:21

Another encouraging write up by Kepler this week

[speedsgh] 09/11/2023 15:23

International Biotech hikes gearing as M&A boosts returns -

International Biotechnology Trust managers Ailsa Craig and Marek Poszepczynski lift borrowing to 15% to make new investments and take advantage of ‘crazy’ valuations...

[speedsgh] 07/11/2023 15:14

Annual Financial Report -

from CHAIR'S STATEMENT...

OUTLOOK

It has been a volatile year for all investors as markets have swung from facing the reality of global inflation and the threat of recession to the belief that the interest rate cycle may be nearing a peak and the worst may be over. At the time of writing, the devastating news of a resurgence of the conflict in the Middle East has shaken market confidence. The continuing war in Ukraine and the increasingly tense relations between the US and China have further exacerbated the uncertainty within the investment environment.

Nevertheless, the Board shares the Investment Managers' views that there are grounds for optimism. Whilst higher costs of capital have had a substantial effect on the funding environment for early stage drug discovery companies, the fundamentals of the sector remain very much intact: namely a growing elderly population, a rising middle class, and an increasing demand for treatments to cure disease and enhance the quality of our lives. This spend is, to a large degree, non-discretionary.

Furthermore, scientific innovation in areas such as personalised targeted therapies and the application of artificial intelligence has led to faster, positive outcomes from clinical trials and better prospects for patients.

I would like to take this opportunity to thank my fellow Directors, the investment management team, and our professional advisers, all of whom have worked hard this year to ensure that we achieved the optimum outcome for our shareholders. We are excited about the opportunities for IBT within the Schroders stable and are looking forward to the future with confidence.

------------------------

from FUND MANAGER'S REVIEW...

OUTLOOK

After experiencing remarkable highs in 2020 and 2021, the biotech industry faced significant challenges in recent years. However, there are compelling reasons for optimism as we move forward.

The NBI has demonstrated resilience by rebounding 20% from mid-2022 lows in dollar terms. Smaller biotech companies, though affected by rising interest rates, continue to present appealing valuations, offering unique investment opportunities.

The confluence of rising interest rates and macroeconomic conditions, along with evolving industry dynamics related to the FTC and the Inflation Reduction Act, has created headwinds for the biotech sector. However, it is noteworthy that these challenges have had minimal impact on the valuations of innovative small and mid-cap biotech companies which represented 51% of the Company's NAV at the end of August 2023.

The recent period of valuation adjustments has stimulated increased M&A activity within the industry. We anticipate this trend to persist. Biotechnology continues to display robust innovation, boasting strong numbers of drug approvals and increasing numbers of clinical trials. Notably, emerging modalities such as gene and cell therapies hold transformative potential for addressing significant unmet medical needs across various diseases.

In conclusion, the biotech industry stands resilient and forward-looking. Increasing demand for high quality therapies, M&A activities, productivity improvements through consolidation, sustained innovation, and the allure of undervalued companies in this dynamic landscape contribute to a promising outlook for biotech investments. As we navigate these opportunities, our commitment to delivering value to our investors remains steadfast. We look forward to a future marked by growth and transformation in the biotech sector.

[harry the haddock] 10/8/2023 11:41

ANY THOUGHT ON HOW THIS WILL AFFECT THINGS GOING FORWARD?

[speedsgh] 03/8/2023 13:02

Appointment of New Fund Manager -

· Schroders selected as IBT's Fund Manager and Alternative Investment Fund Manager

· Continuity of investment approach and dividend policy

· Ailsa Craig and Marek Poszepczynski to continue as the Company's portfolio managers

The Board of IBT is pleased to announce that it has decided to appoint Schroder Unit Trusts Ltd ("Schroders") as the Company's Fund Manager and Alternative Investment Fund Manager ("AIFM") with a mandate to continue IBT's investment policy, which offers access to the fast-growing biotechnology sector through an actively managed, diversified strategy.

This appointment is consistent with the feedback received from shareholders, which endorsed the continuity of the Company's investment approach under the existing investment management team and retaining the dividend policy. As such, the Board believes that Schroders' appointment will deliver positive long-term benefits for IBT and its shareholders.

Ailsa Craig and Marek Poszepczynski have accepted Schroders' conditional offer for them to continue as the Company's portfolio managers. Ailsa and Marek took on the position of IBT's Joint Lead Managers in March 2021, having been involved in managing IBT since 2006 and 2013 respectively. The Company's net asset value ("NAV") has outperformed its benchmark, the Nasdaq Biotechnology Index, by 6.7% since March 2021 and by 9.0% and 35.5% respectively over the last five and ten years(1).

Schroders will provide a platform from which IBT can continue to deliver its differentiated proposition of solid relative returns with lower volatility, and an annual dividend of 4% of NAV(2). There are also no plans to change the Company's discount and premium management policy.

These appointments are subject to finalisation of legal documentation and to regulatory approval, and IBT is expected to transition formally to Schroders in November 2023, following publication of the Company's annual results to 31 August 2023.

IBT will continue to have a relationship with SV Health Managers LLP ("SV Health Investors") in connection with the existing unquoted portfolio, which is principally invested in two SV Health Investors funds.

The Company has consulted with a number of its major shareholders who have indicated their support for the Board's process. In accordance with the Company's articles of association, which provide for a continuation vote every two years, a continuation resolution will be proposed at the Company's December 2023 Annual General Meeting.

[melloteam] 12/7/2023 13:31

Just to let shareholders and prospective investors know that International Biotechnology Trust and Ocean Dial will be presenting at our FREE Trusts and Funds event on Tuesday 18th July 2023 at 2pm.

The full programme is as follows:

2.00 pm Keynote presentation from Edmund Shing
2.30 pm Company presentation from Ocean Dial
3.00 pm Andrew Latto presentation on the latest trends in IT&Fs
3.30 pm Company presentation from International Biotechnology Trust
4.00 pm Investment Trusts & Funds specialist panel session with Reg Hoare, Mark Bentley, Edmund Shing and Andrew Latto, hosted by Karin Schulte

For more information, click here:

To join for free, register for the webinar here:

[davidosh] 25/4/2023 14:24

IBT are on the show this afternoon and it is free to join and also receive the recording

[speedsgh] 13/3/2023 12:58

As per c34's post above...

Portfolio Update as at 13 March 2023 -

The Company notes that Pfizer Inc (NYSE: PFE) has announced that it entered a definitive agreement to acquire IBT's portfolio company Seagen Inc. (Nasdaq: SGEN) for $229 per share which represents a 32.7% premium to the closing price of Seagen Inc on 10 March 2023 of $172.61.

Prior to the announcement on 13 March 2023, IBT owned 200,200 shares in Seagen, which is the trust's largest position representing 10.2% of IBT's Net Asset Value, as at the close on Friday 10 March 2023.

[c3479z1] 13/3/2023 12:37

handy £10m+ uplift from its seagen holding. Might almost cover this year's divi.

[dbskinflint] 20/2/2023 19:48

I agree income investor. The issue for me is what research and expertise SV health provide the managers that they may not get in the future from what ever set up is used going forward

[income investor] 20/2/2023 19:14

I plan to sit tight and see what transpires with the managers. Presumably even if they come across to the trust, we are unlikely to have an unquoted element in the future - I assume just run off for the existing Schroders unquoted partnership ! Trust has reasonable record and managers seem competent.

[dbskinflint] 20/2/2023 12:23

Any views on the announcement that SV Health have given 12 months notice on stopping being the manager? Interestingly the joint trust managers have expressed interest in continuing on in a different set up eg direct employees of the trust or via a new fund management company.

The fees are relatively high plus there is a performance element on top so there is opportunity here to cut costs but having effective management is also pretty important!

[speedsgh] 16/12/2022 10:25

International Biotech shares rally on strong dealflow -

Shares in International Biotechnology Trust (IBT) have rallied more than 3% after a flurry of good news this week, including Amgen’s acquisition of its largest position Horizon Therapeutics.

The US pharma giant agreed to acquire the biotech stock, which focuses on developing drugs for rare autoimmune diseases, for $116.5 per share on Monday, a nearly 50% premium to the share price when talks began last month.

Given its 13.5% weighting in International Biotechnology’s portfolio, the takeover will add 2.7% to net asset value (NAV), broker Numis estimated.

The £283m trust also announced a material revaluation to one of its unquoted investments managed by parent company SV Health Managers, which will lead to a £2.5m, or 0.8%, uplift to NAV.

It is unclear which company it refers to, but on Tuesday SV Health Managers issued a press release stating that Japanese pharma company Takeda had agreed to acquire Nimbus Therapeutics’ allosteric TYK2 inhibitor, which addresses multiple immune-mediated diseases. Nimbus will receive $4bn upfront cash and up to $2bn in commercial milestone payments, it said.

Following the investment company’s annual results in November, manager Ailsa Craig told Citywire that the US Inflation Reduction Act, which was passed in August this year, will likely increase the levels of mergers and acquisitions.

‘The positive for our sector and our companies is: will that increase the demand for M&A? I think maybe it could. It looks like the biotech market sector shrugged it off but it’s probably all these market forces balancing each other out,’ she said.

Since close on Friday, IBT’s shares have rallied 3.3% to 713p.

Over five years, shareholders have enjoyed a 42.2% total return, ahead of the 25.9% average in the Biotechnology & Healthcare peer group tracked by the Association of Investment Companies.

[speedsgh] 14/12/2022 07:30

Portfolio Update as at 13 December 2022 -

The Company notes that there has been a material adjustment to the valuation of an investment from the unquoted portfolio managed by SV Health Managers LLP in which the Company is invested.

The net asset value of the Company will therefore increase by £2.5m ($3.1m) which corresponds to 6p per share uplift and will be incorporated into today's unaudited net asset value (calculated on the AIC basis).

[speedsgh] 07/12/2022 16:13

Dividend Declaration -

So 28.00p dividend for the current FY...

interim (Jan 23) - 14.00p
----------------------------------
TOTAL FY 2021/22 - 31.40p
final (Aug 22) - 15.70p
interim (Jan 22) - 15.70p
----------------------------------
TOTAL FY 2020/21 - 28.40p
final (Aug 21) - 14.20p
interim (Jan 21) - 14.20p
----------------------------------
TOTAL FY 2019/20 - 24.80p
final (Aug 20) - 12.40p
interim (Jan 20) - 12.40p
----------------------------------
TOTAL FY 2018/19 - 28.00p
final (Aug 19) - 14.00p
interim (Jan 19) - 14.00p
----------------------------------
TOTAL FY 2017/18 - 27.00p
final (Aug 18) - 13.50p
interim (Jan 18) - 13.50p
----------------------------------
TOTAL FY 2016/17 - 23.00p
final (Aug 17) - 11.50p
interim (Jan 17) - 11.50p

[speedsgh] 04/11/2022 12:39

International Biotech misses large-cap rally but gets ready for M&A deal flurry -

[deeker] 11/10/2022 13:32

Held up rather well over last couple weeks considering the market turmoil.

[speedsgh] 10/8/2022 20:20

Numis adds International Biotech trust as ‘core buy’ on the back of rebound -

[speedsgh] 27/7/2022 10:39

Dividend Declaration -

At the Annual General Meeting held on 8 December 2021, Shareholders approved the Company's dividend policy of making dividend payments, equivalent to 4 per cent. of the Company's Net Asset Value as at the last day of the preceding financial year (31 August), through two equal semi-annual distributions. In accordance with this policy, the first Interim Dividend for the period ending 31 August 2022 was paid in January 2022.

The Directors have today declared the second Interim Dividend for the period ending 31 August 2022 of 15.7p per Ordinary Share.

The second Interim Dividend will be payable on Friday, 26 August 2022 to holders of Ordinary Shares on the Register at the close of business on Friday, 5 August 2022 (ex-dividend Shares on the Register at Thursday, 4 August 2022).

[panshanger1] 10/6/2022 12:34

Big drop in NAV