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| TIDM | IBT |
| Share Price | 1,120.00p-0.45% |
| Market Cap | £463.50m |
INTERNATIONAL BIOTECHNOLOGY TRUST PLC (IBT) announced on June 9, 2026, that its portfolio company, Nuvalent, Inc., has entered an agreement to be acquired by GSK plc. Under the terms, Nuvalent shareholders will receive $124 per share in cash, representing a 40% premium to the last closing price. As of June 8, Nuvalent constituted 0.44% of IBT's Net Asset Value, with its updated valuation to be included in IBT's NAV as at close of business on June 9 and reported on June 10.
INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")
IBT portfolio company Nuvalent to be acquired by GSK
IBT notes the announcement today that Nuvalent, Inc (Nuvalent) has entered into an agreement to be acquired by GSK plc (GSK).
Nuvalent is a Boston-based, clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, designed to overcome the limitations of existing therapies for clinically proven kinase targets. Nuvalent is advancing a robust pipeline with investigational candidates for ROS1-positive, ALK-positive, and HER2-altered non-small cell lung cancer, and multiple discovery-stage research programs.
Under the terms of the agreement, Nuvalent shareholders will receive $124 per share in cash at closing, representing a premium of 40% to the last closing price and a 26% premium to the 30-day volume-weighted average share price. As at close of business on 8 June, Nuvalent represented 0.44% of IBT's Net Asset Value, as included in in IBT's daily NAV update on 9 June.
Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio managers of IBT, said:
"This acquisition marks IBT's sixth in 2026 so far, with over 15%[i] of the portfolio having been acquired year-to-date, as merger & acquisition activity continues at a rapid pace. This surge has been driven by strong structural tailwinds with large pharmaceutical companies seeking to replenish pipelines and replace lost revenues ahead of upcoming patent cliffs.
"This latest transaction reinforces the success of IBT's investment process, which evaluates companies through a business development lens and considers the characteristics that make them attractive to potential acquirers. This approach is particularly valuable in the highly crowded oncology sector, where identifying compelling opportunities can be difficult and requires careful selection.
"With the drivers of robust M&A activity firmly in place, we expect deal flow to remain strong and will continue to position our portfolio to benefit from ongoing activity and deliver returns to shareholders."
The updated valuation of IBT's holding in Nuvalent will be included in IBT's NAV as at close of business on 9 June, to be reported in the usual way on 10 June.
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ENDS
Enquiries:
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Schroder Investment Management Limited Kirsty Preston (PR) Natalia de Sousa (Company Secretary)
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020 7658 6000 020 7658 6000
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Kaso Legg Communications (Financial PR) Charles Gorman Henry Taylor Effie Aye Maung Hider |
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[i] As at 8 June 2026. Defined as the aggregate of the % of net asset value of each acquired company, measured as at market close on the day prior to the announcement of the respective acquisition.