LONDON (ShareCast) - (Sharecast News) - Shares in International Biotechnology Trust (IBT) were on the rise on Monday after Swiss pharma giant Novartis snapped up one of its portfolio companies for $12bn in cash.
San Diego-based Avidity Biosciences, which specialising in RNA therapies for serious, genetic neuromuscular diseases, was IBT's eighth-largest holding in the medical investment group's quote portfolio, comprising 2.55% of the company's net asset value.

The acquisition was IBT's ninth M&A transaction involving a portfolio holding this year.

"By thinking like pharmaceutical business development departments, we have continued to successfully identify attractive acquisition targets, providing a substantial boost to shareholders' returns," said IBT portfolio managers Ailsa Craig and Marek Poszepczynski.

"With major pharmaceutical companies facing significant patent cliffs in the coming years, we expect this robust M&A environment to continue, providing further opportunities for IBT to take advantage."

Shares were up around 3% at 849.96p by 1358 GMT.

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