BB Biotech - A positive start to a promising year

BB Biotech (BION) is the largest biotech investor among its investment company peers. The company is focused on achieving long-term capital growth by investing in high-quality biotech assets developing and marketing innovative drugs. The new year has started on a very positive note for BION. Pharmaceutical giant Johnson & Johnson (J&J) recently announced plans to acquire one of BION's core holdings, Intra-Cellular Therapies, at a 40% premium. Intra-Cellular comprised 6.1% of BB Biotech's portfolio at end-Q324, although its share will be larger now. Since J&J's announcement, BB Biotech's net asset value (NAV) has risen by 3.4% in absolute terms, 3.1 percentage points ahead of its benchmark, the Nasdaq Biotech Index. This note considers the broader implications of this transaction for the biotech sector.

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