RCS - Intnl. Biotechnology - Johnson & Johnson acquires portfolio company ITCI

International Biotechnology TrustAnnouncement

14/01/2025 07:00

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RNS Number : 1651T  Intl. Biotechnology Trust PLC  14 January 2025

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Acquisition of portfolio company Intra-Cellular Therapies by Johnson &
Johnson

IBT is pleased to note yesterday's announcement
(https://www.jnj.com/media-center/press-releases/johnson-johnson-strengthens-neuroscience-leadership-with-acquisition-of-intra-cellular-therapies-inc)
of Johnson and Johnson's acquisition of Intra-Cellular Therapies (ITCI) for
$132 per share, representing a premium of approximately 40% to ITCI's closing
share price on 10 January 2025.

ITCI is IBT's largest shareholding, representing 7.14% of IBT's net asset
value (NAV) as at 10 January 2025.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio
managers of IBT, said:

"We have long recognised that mergers and acquisitions (M&A) are an
important driver of returns in the biotech sector, with large pharmaceutical
companies turning to biotech firms to replenish their pipelines of drugs in
development and fill revenue gaps as patents expire.

"During our time as portfolio managers, we have successfully positioned IBT's
portfolio to capture potential takeover targets, with 27 M&A deals among
portfolio companies since 2021. This latest deal, in our largest holding as at
10 January 2025, continues this track record of leveraging M&A activity to
deliver returns."

The updated valuation will be included in IBT's NAV as at close of business on
13 January 2025, expected to be reported in the usual way later today.

To sign up for IBT updates by email, please click here
(https://www.schroders.com/en-gb/uk/individual/never-miss-an-update/) .

ENDS

 

Enquiries:

 

 Schroder Investment Management Limited

 Kirsty Preston (PR)                                               020 7658 6000

 Kerry Higgins (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)

 Charles Gorman                                                    IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Henry Taylor

 Effie Aye Maung Hider

 

 

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