In QuotedData’s morning briefing 14 January 2025:
- International Biotechnology trust (IBT) has announced Johnson and Johnson’s acquisition of Intra-Cellular Therapies (ITCI) for $132 per share, representing a premium of approximately 40% to ITCI’s closing share price on 10 January 2025. ITCI is IBT’s largest shareholding, representing 7.14% of IBT’s NAV as at 10 January 2025. Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said: “We have long recognised that mergers and acquisitions (M&A) are an important driver of returns in the biotech sector, with large pharmaceutical companies turning to biotech firms to replenish their pipelines of drugs in development and fill revenue gaps as patents expire. During our time as portfolio managers, we have successfully positioned IBT’s portfolio to capture potential takeover targets, with 27 M&A deals among portfolio companies since 2021. This latest deal, in our largest holding as at 10 January 2025, continues this track record of leveraging M&A activity to deliver returns.”
- The board of Herald Investment Trust (HRI) note the publication of the voting recommendation from ISS, the independent proxy adviser, in relation to the company’s forthcoming general meeting. ISS has recommended that Herald shareholders vote “AGAINST” the requisitioned resolutions at the general meeting on 22 January 2025. ISS states that Saba Capital has not presented a compelling case for change, let alone a case for a majority position on the board and a strategy overhaul.
- RTW Biotech (RTW) says it supported the recent additional CHF50m Series C funding round (bringing the total to CHF180m) for Numab Therapeutics, a Swiss clinical stage biotech advancing a proprietary pipeline of multi-specific antibodies in immunology and oncology. The funds will be used to support the advancement of multiple potentially first-in-class and best-in-class programmes into clinical development. RTW Biotech first invested in Numab’s original Series C round in May 2021.
- Taylor Maritime Investments (TMI) is now Taylor Maritime Limited. Shareholders approved the transfer of the company’s listing to become a ‘normal’ company rather than an investment company. [That means we will stop covering it, but we wish it every success.]
- Fondul Proprieatatea (FP) says its end December NAV is likely to be at least 5% higher than its end November figure as it revalues some unlisted investments.
- Ceiba Investments (CBA) is progressing its plan to change the payment schedule on its bonds from a single €25m bullet payment due on 31 March 2026 to five equal annual installments of €5m, to be made starting in 2025.
We also have an update from Herald Investment Trust.