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Lower interest rates resulted in positive price developments in the biotech sector in the third quarter, but BB Biotech’s NAV discount is at an all-time high (12.7% vs. 5-year avg. premium of 10.9%). BB Biotech’s investment level decreased slightly in Q3, but it is still close to the upper limit (112.3%, limit 115%), reflecting the management team's optimistic outlook for the biotech sector.
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