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Nyhetsflöde BB Biotech

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2/21/2024 6:30:12 AM - BB Biotech: 2023 tough for small-mid biotech; M&A rises - SEB - Over the last couple of years, access to innovation in biopharma has come through partnerships and licensing deals rather than M&A, but M&A activity picked up in 2023 and BB Biotech expects this to continue. Two new portfolio additions were made in Q4/23, with one exit. A dividend of CHF 2/share will be proposed at the 2024 AGM, and the board chairman will not stand for re-election. The share premium to NAV is in line with the 12M average of 5%.
12/15/2023 6:17:16 AM - BB Biotech: Lively days with positive news from two core holding companies - SEB - In the past two days we have seen two key trial readouts from two of BB Biotech's core holding companies: Vertex (10% of securities) announced positive results from the Ph2 trial of its VX-548 for painful diabetic peripheral neuropathy, sending the shares up 13%. On 14 December, Moderna and Merck announced positive follow-up data from the Ph2 trial of their combination drug for patients with resected high-risk melanoma (skin cancer). Moderna shares are up 10%.
11/28/2023 2:46:54 PM - BB Biotech: Share of key holding company plunges after disappointing data - SEB - Argenx, an immunology company and the second largest position of BB Biotech (~17% of NAV) came out with disappointing clinical data for registrational trial (ADVANCE) for its only product, Vyvgart, in rare blood disorder. Neither primary nor secondary endpoints were met, and the share is down 9% (rebounded a bit from earlier 17%). BB Biotech trades at a slight discount of 2.5% relative to the net asset value of its portfolio (12M average premium of 9%).
10/2/2023 7:05:40 AM - BB Biotech: Riding on opportunity amidst mixed news - SEB - BB Biotech’s shares have underperformed relative to its benchmark thus far in 2023 (20% vs. 6%), but the premium to the NAV of the underlying portfolio seems low historically. While two core holding companies have reported important positive Phase 3 top-line results, disappointing clinical trial readouts from the small holding Mersana, in which BB Biotech’s stake increased during Q2, caused the stock to drop (down 78% YTD).
7/26/2023 4:59:31 AM - BB Biotech Q2: Tough but eventful - SEB - Overall, Q2 was an eventful quarter for BB Biotech’s portfolio in terms of clinical trial read outs and regulatory news, leading to portfolio reallocations. The quarter ended with BB Biotech shares being priced at a 5% discount relative to its NAV, though the share is now back to trading at a premium lower than the historical average. There might still be attractive returns on horizon. The BoD has applied for a delisting of BB Biotech’s shares from Borsa Italiana.
6/7/2023 5:40:39 AM - BB Biotech: Historical premium to NAV no longer present - SEB - BB Biotech's shares, which historically have traded at a double-digit premium relative to the net asset value of its underlying investment portfolio, now is priced in line with its NAV. When this has happened in the past, the premium has quickly rebounded.
2/23/2023 4:29:02 PM - BB Biotech: Less M&A, more licensing deals in 2022 - SEB - The underlying performance of BB Biotech’s portfolio and thus NAV was boosted by its large cap holdings during 2022, but was held back by the small and mid-cap companies. During 2022, some of the smaller biotechs in the portfolio raised funds from licensing deals with larger companies in order to avoid dilutive equity funding.
10/31/2022 6:47:03 AM - BB BiotechQ3: An eventul quarter - SEB - There is a fair amount of activity to report for BB Biotech’s third quarter. The share price premium has dipped to 5%; a holding company has been taken private, resulting in a large cash inflow, giving BB Biotech flexibility to act on interesting investment opportunities; products in holding companies have seen approval and trial progression; and finally, the Inflation Reduction Act was signed into law by President Biden.
8/11/2022 12:52:43 PM - BB Biotech: Sharp dip in premium - SEB - Along with the rest of the Biotech sector, BB Biotech had a rough first half of 2022: the fund has reported a H1 loss of CHF 533mm, a sharp reversal from H1 2021. However, we agree with BB that the biotech sell-off is overdone and that the sector is undervalued, which presents it with attractive investment opportunities. The fund is trading at a premium of only 14.5%, in line with its historical norm.
4/23/2021 7:29:00 AM - BB Biotech Q1: Faring well in Q1 - SEB - BB Biotech has released its interim report for Q1/21. BB Biotech is a dedicated biotech investment fund and the fund has done well in challenging markets in the first quarter of 2021 when looking at its share price performance. The fund has used the sector re-evaluation in Q1 to make new portfolio investments, we will update our NAV accordingly. Here we post some of the comments from the company's newly released report.