RCS - Intnl. Biotechnology - IBT portfolio company Apellis acquired by Biogen

International Biotechnology TrustAnnouncement

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RNS Number : 9002Y  Intl. Biotechnology Trust PLC  31 March 2026

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Biogen agrees to acquire IBT portfolio company Apellis Pharmaceuticals

IBT notes the announcement
(https://investors.apellis.com/news-releases/news-release-details/biogen-acquire-apellis-enhancing-companys-growth-portfolio)
today that Apellis Pharmaceuticals (Apellis) has entered into an agreement to
be acquired by Biogen for approximately $5.6 billion.

Apellis is a global biopharmaceutical company which has two drugs approved, in
the immunology and rare disease spaces. The company's Empaveli therapy is
FDA-approved for rare immune-mediated kidney diseases and PNH, a rare blood
disease. Syfovre, its other approved drug, is approved in geographic atrophy
secondary to age related macular degeneration, an immune-mediated retinal
disease.

Under the terms of the agreement, Apellis shareholders will receive $41 per
share in cash at closing, representing a premium of approximately 140% to the
closing share price on 30 March. As at close of business on 30 March, Apellis
represented 2.5% of IBT's Net Asset Value, as included in IBT's daily NAV
update
(https://www.londonstockexchange.com/news-article/IBT/net-asset-value-s/17528531)
today.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio
managers of IBT, said:

"M&A activity in the biotech sector is continuing to boom, and this is the
third acquisition for IBT's portfolio in March alone. Our success in capturing
upside from dealflow is testament to our investment process, which carefully
considers the factors that pharmaceutical companies are looking for in
potential acquisitions. We believe the period of elevated M&A activity we
have seen in recent years will persist for the foreseeable future, and we are
positioning IBT's portfolio to take advantage.

With multiple drugs approved, Apellis is part of an increasingly mature cohort
of commercial-stage companies in the biotech sector. For pharmaceutical firms
looking to replenish their pipelines in the face of patent expiries, these
clinically derisked companies are particularly attractive acquisition targets,
offering greater certainty around near-term revenues compared to earlier-stage
businesses."

The updated valuation of IBT's holding in Apellis will be included in IBT's
NAV as at close of business on Tuesday 31 March, to be reported in the usual
way on Wednesday 1 April.

To sign up for IBT updates by email, please click here
(https://www.schroders.com/en-gb/uk/individual/never-miss-an-update/) .

ENDS

 

Enquiries:

 

 Schroder Investment Management Limited

 Kirsty Preston (PR)                                                  020 7658 6000

 Natalia de Sousa (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)                              IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Charles Gorman

 Henry Taylor

 Effie Aye Maung Hider

 

 

 

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