SV Health notifies International Biotechnology of termination in 2024

(Alliance News) - International Biotechnology Trust PLC on Monday said it received a notice of ...

Alliance News 13 February, 2023 | 11:54AM
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(Alliance News) - International Biotechnology Trust PLC on Monday said it received a notice of termination from investment manager SV Health Managers LLP, which said it wants to focus on its core healthcare venture business.

The London-based investor in biotech and on other life sciences companies said the termination by SV Health will take effect on February 9, 2024.

It has been managed by SV Health joint lead fund managers Ailsa Craig and Marek Poszepczynski, who have expressed their willingness to continue as joint lead managers of the company in a different capacity, International Biotechnology said.

International Biotechnology has instructed its advisers to commence an independent process to review the company's options and ensure long-term sector exposure will continue for shareholders. A further update will be provided to shareholders in due course.

It said it's "differentiated strategy, which offers investors access to the sector using an actively managed, diversified approach and also an attractive dividend yield, has been delivering strong returns", believing the global biotechnology investment case to be "compelling".

International Biotechnology Chair Kate Cornish-Bowden said: "IBT has worked with the SV Health business since 2001 and we would like to thank the team for their successful management of the company over that period.

"In the near term the board will consult major shareholders regarding the company's future, and in due course we look forward to updating shareholders on specific proposals."

SV Health Managing Partner Kate Bingham added: "SV Health is now managing USD2.2 billion of private healthcare assets across its group and the time has come for us to focus on these core strategies.

"We will be working with the board of IBT to ensure a smooth transition over the coming months and look forward to a continued relationship with IBT as an investor in SV Health's venture and crossover funds."

Shares in International Biotechnology were up 1.1% to 728.161 pence each in London late Monday morning.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
International Biotechnology Ord 674.00 GBX 0.30

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