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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%.
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