RCS - Intnl. Biotechnology - Portfolio company Soleno acquired by Neurocrine

International Biotechnology TrustAnnouncement

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RNS Number : 4634Z  Intl. Biotechnology Trust PLC  07 April 2026

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Neurocrine agrees to acquire IBT portfolio company Soleno

IBT notes the announcement
(https://neurocrine.gcs-web.com/news-releases/news-release-details/neurocrine-acquire-soleno-therapeutics-expanding-its)
yesterday that Soleno Therapeutics (Soleno), currently the largest holding in
IBT's portfolio, has entered into an agreement to be acquired by Neurocrine
Biosciences (Neurocrine) for $2.9 billion.

Soleno is a biotechnology company focused on developing and commercialising
novel therapies for rare diseases, especially Prader-Willi Syndrome (PWS). Its
lead candidate, Vykat XR, which significantly lessens hyperphagia (excessive
hunger) symptoms in PWS, was launched in 2025 and generated $190 million of
revenue last year, including $92 million in Q4.

Under the terms of the agreement, Soleno shareholders will receive $53 per
share in cash at closing, representing a premium of approximately 34% to the
closing share price on Thursday 2 April. As at close of business
on Wednesday 1 April, Soleno represented 6% of IBT's Net Asset Value, as
included in in IBT's daily NAV update
(https://www.londonstockexchange.com/news-article/IBT/net-asset-value-s/17533326)
on Thursday 2 April.

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

"We are seeing frenetic dealmaking activity in the biotech sector as we move
into Q2 2026, with pharmaceutical companies continuing to rely on acquisitions
of innovative biotechnology companies to add new therapies to their pipelines
and replace lost revenues from patent expiries in the coming years. Soleno is
part of a growing cohort of mature, clinically de-risked companies that we
refer to as "Biotech 2.0", with these businesses capable of being acquisition
targets or generating significant revenues as standalone companies.

This latest deal is the fourth acquisition within IBT's portfolio in 2026
following three deals involving our holdings in March alone. We look at
companies through the same lens as pharmaceutical business development
departments and our ability to capture upside from M&A activity is
testament to the effectiveness of this process.

We expect this wave of M&A activity to continue and have positioned our
portfolio to take advantage, with the drivers of elevated dealflow activity
likely to remain firmly in place for the foreseeable future."

The updated valuation of IBT's holding in Soleno will be included in IBT's NAV
as at close of business on Tuesday 7 April, to be reported in the usual way on
Wednesday 8 April.

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

 Natalia de Sousa (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)                              IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Charles Gorman

 Henry Taylor

 Effie Aye Maung Hider

 

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