In QuotedData’s morning briefing 8 May 2023:
- International Biotechnology Trust (IBT) announced its results for the six month period ended 29 February 2024. The company saw a 11.2% NAV total return per share, substantially outperforming the Reference Index which rose by 8.2%. Notable contributions came from Vera Therapeutics, an autoimmune company which is a top 10 holding in the portfolio. Vera’s share price doubled following early clinical trial results from its lead development drug, Atacicept for Immunoglobin nephropathy, a chronic kidney disease. Two holdings also became acquisition targets. Bristol Myers Squibb bid for both Mirati, an oncology company with a lung cancer treatment and Karuna, a company with a product to treat psychosis in Alzheimer’s Disease.
- Workspace Group (WKP) has poached current Capital & Regional (CAL) chief executive Lawrence Hutchings to take over the top job at WKP. He will replace Graham Clemett, who announced his retirement in January, after working his 12 month notice period. Hutchings has been chief executive CAL since 2017. Prior to that, he was managing director at Blackstone in Australia for four years, managing director, UK retail at Hammerson and director (property) European retail at Henderson Global Investors.