(Correcting investment manager of International Biotechnology Trust PLC.)
International Biotechnology Trust PLC - biotechnology and healthcare sector-focused alternative investment fund, managed by Schroders - On May 8 reports net asset value total return of 11% in six months to February 29, outperforming reference index which rises 8.2%. NAV per share rises 8.9% to 748.90 pence from 687.51p at end of August. The trust had paid a first interim dividend of 13.90p in January, down 0.7% from 14.00p. Its dividend policy is to make payments equivalent to 4% of NAV. It plans to make the declaration for the second dividend of the year in July, before payment in August. Looking ahead, Chair Kate Cornish-Bowden says: "The science and innovation in the drug development sector is more exciting than ever. The number of new clinical trials registered in 2023 reached a new high, as novel techniques and technology including gene therapy, cell therapy and RNA therapeutics gained momentum. The M&A outlook remains bright, and the need for large pharmaceutical companies to fill their pipelines is as great as ever. Relative valuations in the small and mid-cap biotechnology companies are compelling."
Current stock price: 622.00 pence
12-month change: down 5.9%
By Eric Cunha, Alliance News news editor
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Int.biotech. (IBT)