BB BIOTECH AG
ISIN-Nr.
CH0038389992
Valoren-Nr.
003838999
«We invest in genuine innovation, not in "me too" medicine»
Dr. Daniel Koller
Co-Head Biotech
Dr. Daniel Koller Co-Head Biotech
Dallas Webb Analyst/Portfolio Manager
Felicia Flanigan Senior Analyst/Portfolio Manager
Stefan Müller Portfolio Manager
Elhan Kosar, CFA Co-Head Biotech
Five Reasons to Invest
Strong growth driven by innovative, high-margin new therapies
Attractive valuations for fast-growing companies
Long-term track record of 16 years with above average performance
Long-term outperformance to industry benchmarks
Experienced management with strong Board
of Directors
Performance
| YTD | 1 Month | 1 Year | 3 Years | Since Inception | |
|---|---|---|---|---|---|
| Switzerland: BION SW Equity |
-26.94% | -4.73% | -21.74% | -41.15% | 137.26% |
| Germany: BBZA GY Equity |
-18.34% | -6.65% | -12.75% | -28.18% | 51.31% |
| Italy: BB IM Equity |
-17.89% | -6.97% | -11.70% | -27.94% | -64.98% |
Investment Focus
BB BIOTECH’s objective is to generate an average return of 15% per annum with a long-term investment horizon. The investment company participates selectively in firms operating in the growth market of innovative medications and diagnostics based on modern biotechnology, with companies listed in the stock markets accounting for at least 90% of the portfolio value.
Investment Focus
BB BIOTECH’s objective is to generate an average return of 15% per annum with a long-term investment horizon and to substantially outperform the relevant indices in the process. BB BIOTECH participates selectively in firms operating in the growth market of innovative medications and diagnostics based on modern biotechnology, with companies listed in the stock markets
accounting for at least 90% of the portfolio value. Our task is to have an in-depth knowledge of the businesses conducted by our holdings, which includes key financial ratios, also of the prevailing competitive environment, the product pipeline, the portfolio of patents and the perception of the products and services by the end customers, to name just a few aspects. The target portfolio of BB BIOTECH consists of approximately 20 to 30 holdings, no more than 5 of which account for more than 10% of equity and the largest of which should not exceed 25%. In the course of selecting its holdings, BB BIOTECH relies on the well-established experience of its Board members and the fundamental analyses by the experienced management team of Bellevue Asset Management Group, with access to a network of physicians and specialists for the sectors in question. In doing so, a detailed financial model is created for each holding, which guarantees a compelling illustration of the potential for doubling asset values in a period of four years.
accounting for at least 90% of the portfolio value. Our task is to have an in-depth knowledge of the businesses conducted by our holdings, which includes key financial ratios, also of the prevailing competitive environment, the product pipeline, the portfolio of patents and the perception of the products and services by the end customers, to name just a few aspects. The target portfolio of BB BIOTECH consists of approximately 20 to 30 holdings, no more than 5 of which account for more than 10% of equity and the largest of which should not exceed 25%. In the course of selecting its holdings, BB BIOTECH relies on the well-established experience of its Board members and the fundamental analyses by the experienced management team of Bellevue Asset Management Group, with access to a network of physicians and specialists for the sectors in question. In doing so, a detailed financial model is created for each holding, which guarantees a compelling illustration of the potential for doubling asset values in a period of four years.
General Information
| Board of Directors | Prof. Dr. Thomas Szucs Prof. Dr. David Baltimore Dr. Clive Meanwell |
| Investment Advisor | Bellevue Research Inc., Boston |
| Year end Closing | 31. December |
| Market Capitalisation | CHF 1027.0 Mio. (Jul 29, 2010) |
| ISIN Number | CH0038389992 |
| Valor Number | 003838999 |
| Bloomberg | BION SW EQUITY |
| Wertpapierkennnummer | A0NFN3 |
Risk
low
high
Investment Suitability
The investment company’s objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in the biotechnology sector and who are willing to accept the equity risks typical of this sector.
Share Facts
| Legal Form | AG |
| Listing | SIX Swiss Exchange, Xetra Frankfurt, Milan Stock Exchange |
| Foundation | Nov 16, 1993 |
| Share Type | Equity |
| Shares Floating | 18,225,000 |
| Authorised Capital | CHF9,100,000.00 |
| Conditional Capital | CHF9,100,000.00 |
Historical Prices
Key Data (Jun 30, 2010)
| Beta | n.a. |
| Volatility | n.a. |
| Tracking Error | n.a. |
| Jensen's Alpha | n.a. |
| Correlation | n.a. |
| Share Ratio | n.a. |
| Information Ratio | n.a. |
| No. of Positions | 21 |
Source: Bellevue Asset Management, Jun 30, 2010
Market Review
Celgene: Approval for Revlimid in Japan and acquistion of Abraxis BioScience Inc.
Revlimid has been granted full marketing authorization in Japan for use in combination with dexamethasone as a treatment for patients with relapsed or refractory multiple myeloma who have received at least one prior standard therapy. Celgene will continue working with the Japanese regulatory authorities to determine the next steps for pricing and reimbursement. End of June, Celgene announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Abraxis BioScience, accelerating Celgene’s strategy to become a global leader in oncology. The transaction adds Abraxane for injectable suspension to the Celgene’s existing portfolio of leading cancer products. Abraxane was approved in 2005 by the FDA and in 2008 by EMEA, for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy. At ASCO 2010, positive data as presented from a randomized Phase III trial that tested Abraxane in combination with carboplatin as compared to the paclitaxel and carboplatin treatment regimen in the first-line treatment of patients with advanced non-small cell lung cancer. Abraxane had a 31% improvement in the response rate and met the trial’s primary endpoint. Progression free survival and survival data from this study is expected to be available by the end of the year. Abraxane is also being tested in patients with stage IIB-IV melanoma and pancreatic cancer.
Gilead: Acquisition of CGI Pharmaceuticals
Gilead announced the acquisition of CGI Pharmaceuticals, Inc., a privatelyheld, development-stage pharmaceutical company focused on small molecule chemistry and kinase biology. Under the terms of the agreement, Gilead will acquire CGI for up to USD 120 mn, the majority as an upfront payment and
the remaining based on clinical development progress, all of which will be financed through available cash on hand. Gilead anticipates that the deal would close in the third quarter of 2010, subject to satisfaction of certain closing conditions. After closing, CGI will continue operations in Branford as a wholly-owned subsidiary of Gilead. CGI has generated a library of proprietary small molecule kinase inhibitors. The lead preclinical compound from this library targets spleen tyrosine kinase (Syk) and could have unique applications for the treatment of serious inflammatory diseases, including rheumatoid arthritis. The acquisition of CGI represents for Gilead a unique opportunity to expand its research efforts in an interesting and promising area of drug discovery
Revlimid has been granted full marketing authorization in Japan for use in combination with dexamethasone as a treatment for patients with relapsed or refractory multiple myeloma who have received at least one prior standard therapy. Celgene will continue working with the Japanese regulatory authorities to determine the next steps for pricing and reimbursement. End of June, Celgene announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Abraxis BioScience, accelerating Celgene’s strategy to become a global leader in oncology. The transaction adds Abraxane for injectable suspension to the Celgene’s existing portfolio of leading cancer products. Abraxane was approved in 2005 by the FDA and in 2008 by EMEA, for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy. At ASCO 2010, positive data as presented from a randomized Phase III trial that tested Abraxane in combination with carboplatin as compared to the paclitaxel and carboplatin treatment regimen in the first-line treatment of patients with advanced non-small cell lung cancer. Abraxane had a 31% improvement in the response rate and met the trial’s primary endpoint. Progression free survival and survival data from this study is expected to be available by the end of the year. Abraxane is also being tested in patients with stage IIB-IV melanoma and pancreatic cancer.
Gilead: Acquisition of CGI Pharmaceuticals
Gilead announced the acquisition of CGI Pharmaceuticals, Inc., a privatelyheld, development-stage pharmaceutical company focused on small molecule chemistry and kinase biology. Under the terms of the agreement, Gilead will acquire CGI for up to USD 120 mn, the majority as an upfront payment and
the remaining based on clinical development progress, all of which will be financed through available cash on hand. Gilead anticipates that the deal would close in the third quarter of 2010, subject to satisfaction of certain closing conditions. After closing, CGI will continue operations in Branford as a wholly-owned subsidiary of Gilead. CGI has generated a library of proprietary small molecule kinase inhibitors. The lead preclinical compound from this library targets spleen tyrosine kinase (Syk) and could have unique applications for the treatment of serious inflammatory diseases, including rheumatoid arthritis. The acquisition of CGI represents for Gilead a unique opportunity to expand its research efforts in an interesting and promising area of drug discovery
Positioning and Outlook
n.a.