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).
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