Handbook 2015
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Initiation IBT
6 July 2021 Pharmaceuticals & Biotechnology INTL. BIOTECHNOLOGY TRUST Investing in a broad spectrum of the drug industry IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from early-stage development via venture capital (SV Health Investors funds) through to global, multinational biotechnology companies. The main aim of the trust is to Source: Refinitiv generate capital growth, while minimising risk, through a diversified portfolio and with an experienced investment management team. Over the last five years, IBT’s Market data NAV has increased 62%, while the share price has increased 92% over the same EPIC/TKR IBT period – the superior returns generally reflected by a share price premium. Price (p) 755 12m high (p) 862 12m low (p) 653 ► Strategy: IBT’s investment objective is to achieve long-term capital growth by Shares (m) 41.38 investing in biotechnology companies that address unmet medical needs. The Mkt cap (£m) 312 trust offers a diversified portfolio of listed and private companies on a global NAV (£m) 293 basis, although the vast majority of investments are currently in the US. NAV/share (p) 710 Premium/discount to NAV 6% ► Market updates: With 89% of the investment portfolio currently in listed Country of listing UK companies, the NAV changes on a daily basis. IBT has a daily update on its Market Main website, produces informative monthly factsheets (https://ibtplc.com/investor# factsheets), and shows the full portfolio of US listed investments quarterly in Description filings with the SEC (https://ibtplc.com/portfolio). -
COVID-19 Response Interim Report
JUNE 2021 COVID-19 response interim report Interim Report (January 2020 to March 2021) Medical Research Council Evaluation and Analysis Team I Foreword The intent of this report is to document the main activities undertaken by Medical Research Council (MRC), part of UK Research and Innovation (UKRI), and its community of researchers in response to the SARS-CoV-2 pandemic and to recognise the impacts and insights arising from these activities. As the response and outcomes will continue past 2021, this is an interim report covering January 2020 to March 2021. It is proposed that a final form of this report is produced in 2022. The report is a collection of eight summaries of separate components of the MRC-led aspects of the UKRI COVID-19 response and their impact rather than a connected narrative of events. Highlighted blue and bold text provide links to more detailed descriptions either within the document and the Annexes or external webpages. Methods and acknowledgements The information in this paper has been gathered live throughout 2020. Funding activity data was collated from various off-line call processes by Matt Coles. Activity, outcomes, and impact information from the research community was primarily self-reported in project and Institute, Unit and Centre surveys and Researchfish®. Interviews were undertaken with MRC staff in May and October 2020 and in January 2021. The data was gathered, and the report composed by Emily Gale, Ian Viney, Buddhini Samarasinghe, and James Carter. Additional analysis was provided by the members of the Evaluation and Analysis Team: Joe Murphy and Dominic Hedges. -
Investment Manager Review NAV and Share Price
FACTSHEET — SEPTEMBER 2020 ibtplc.com Investment Manager Review In September 2020, the Trust’s NAV per share returned 7.5%* (GBP) while the NASDAQ Biotechnology Index (NBI) returned 5.3%* (GBP). The FTSE All-Share Index returned -1.7%* (GBP) and the S&P 500 Index returned -0.9%* (GBP). IBT’s share price returned 9.0%* (GBP). Key attributes of the Trust The main positive contributors to NAV in the month were Immunomedics, Myokardia and Horizon Driven by strong fundamentals of the Biotech Therapeutics. The Trust’s NAV benefited following the announcement that Gilead, a top-10 holding, intended sector. to acquire Immunomedics for USD 21bn, representing a 108% premium to the previous day’s closing price. Access to a broad spectrum of quoted and Myokardia’s share price increased following the release of positive phase 3 EXPLORER-HCM clinical trial unquoted investments. results for Mavacamten, a treatment for Obstructive Hypertrophic Cardiomyopathy. Horizon Therapeutics’ share price continues to perform well, driven by strong sales data from their lead asset, Tepezza. Provides investors exposure to both growth and a competitive yield. The main detractors from the NAV in the month were Neurocrine, Halozyme and Regeneron. Neurocrine’s Bottom up stock selection with diversification share price performed poorly during the month. There was no specific event that triggered this performance. overlay. However, Neurocrine’s third quarter sales have historically been weak which may have affected investor Medically and financially experienced Fund sentiment. Halozyme’s share price was negatively affected by the news that Johnson & Johnson had entered Managers with access to specialists at SV into arbitration with Genmab over royalty payment from the injection form of Darzalex.