Portfolio Analysis

SV Health Managers LLP was appointed Investment Manager of the Company on 1 January 2005 and Alternative Investment Fund Managers (‘AIFM’) on 21 July 2014. SV Health Managers LLP provides life sciences focused Investment Management services to publicly listed investment funds and venture capital funds.

As at 30 April 2018


IBT Portfolio NAV (m)£217
Number of Portfolio Companies90
Quoted Investments65
Unquoted Investments25

Investment Manager Comment

In April 2018, IBT’s NAV/share fell by 0.8% (GBP) while the NASDAQ Biotechnology Index was down 1.2% (GBP). The
FTSE All-Share Index increased by 6.4% (GBP) and the S&P 500 Index rose by 2.2% (GBP). IBT’s share price rose 1.5%
(GBP). The USD strengthened 1.8% vs the GBP.


The main positive contributors to NAV in April were Adamas Pharmaceuticals, Avexis Therapeutics and Shire
Pharmaceuticals. Adamas announced that patients with Parkinson’s disease treated with Gocovri experienced
long-term durability for up to two years. Novartis agreed to acquire gene therapy company Avexis for USD 8.7bn, an 88%
premium to the previous close price. After five proposals, the board of Shire recommended shareholders accept the
Takeda Pharmaceuticals’ offer to acquire the company for a valuation of GBP 46.5 per share, a 59.6% premium to Shire’s
closing price the day before Takeda revealed its interest. The offer is a 46:54 mix of cash and Takeda shares.
The main negative contributors to NAV in April were Array Pharmaceuticals, Incyte Genomics and Regeneron
Pharmaceuticals. Array fell after partner Roche suspended patient recruitment into a clinical study of combination
therapy in metastatic colorectal cancer. Incyte retracted after negative phase 3 clinical results with an IDO inhibitor in
melanoma patients. Regeneron partner Sanofi reported disappointing sales for their atopic dermatitis drug, Dupixent, at
their quarterly earnings report.


 (NAV, Share Price Change, 5 years)

Source: Bloomberg, mid-mid (share price), quoted in sterling and SVLSM. Past performance is not a guide to future performance
Note: All performance data are quoted net of all costs to the Company.

Top Ten Investments by NAV %