Your browser is out-of-date!

Update your browser to view this website correctly.

Disclaimer
To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

By clicking on "Accept", you confirm that you agree to the legal provisions. Alternatively, you can select "I don't accept" if you wish to leave the website.

Coveted drivers of innovation

07.07.2022 - Daniel Koller

The driving force for many new therapeutic approaches for drugs, yet with low stock market valuations – the biotech industry is going through a paradoxical development phase. This in turn is bringing it back on the radar of big pharma players with an eye for a takeover.

Viewed in fundamental terms, the biotech industry has never looked so well-positioned. According to a study published by the IQVIA Institute for Human Data Science, 65% all clinical studies underway in 2021 were conducted by smaller biotech companies, which IQVIA itself describes as «emerging». These are defined as companies with annual sales of below USD 500 mn that invest less than USD 200 mn annually in their research and development pipeline.

A key difference in the current situation compared to the past is the financial strength of today’s biotechs. An increasing number of companies have sufficient liquid funds to drive forward the development of their clinical candidates through to market maturity under their own steam. In other words, they are moving away from the former dependency on development and marketing partnerships with the pharma industry. A clear indicator of this is another statistical finding of the above-mentioned IQVIA study: In 2021, “emerging pharma” companies submitted their own market approval applications for 76% of their products. Another plus point is that the biotech sector has become the pioneering force in the development of numerous new approaches such as gene therapies, cell-based therapies, and immuno-oncology.

What’s more, there are plenty of signs that these companies are delivering the necessary price-driving news flow – a large number of clinical study results and approval decisions are expected this year, above all in the fields of cancer medicine, neurology and genetic disorders. Moreover, the pipeline looks very healthy, as the number of patients enrolled in studies is once again higher than it was prior to the coronavirus pandemic. The number of new study applications submitted to the US supervisory agency (Food and Drug Administration, FDA) has also risen further.

At the same time, the pressure is rising on pharma multinationals to generate new growth drivers. The majority of these companies have strategically repositioned themselves over the last decade by focusing their new drug development operations on just a few therapeutic fields. The innovative power of Big Pharma continues to be evident, with industry giants such as Roche and Bristol-Myers Squibb concentrating on cancer medicine and the likes of Novo Nordisk and Eli Lilly specializing in diabetes treatment. Nonetheless, the pharma industry will have to come up with solutions over the coming years in order to avoid a slump in revenues: according to the FDA, blockbuster drugs with total sales of more than USD 250 bn will lose their patent protection over the coming decade.

After two relatively quiet years, the M&A carousel is starting to spin again. Pfizer made the first move in May when it announced its acquisition of Biohaven for USD 11.6 bn, a markup of 80%. The deal gives Pfizer a migraine drug with a novel efficacy profile that was approved by regulatory authorities in the US in 2021 and, more recently, in Europe as well. Pfizer had already paid USD 6.7 bn to buy US biotech company Arena Pharma in a deal first announced in December. Arena Pharma’s most advanced product candidate is a treatment for the chronic inflammatory bowel disease ulcerative colitis. Pfizer has accumulated a huge pile of cash, mainly from the billions in revenues it has earned from the COVID-19 vaccine Comirnaty. In June, Bristol-Myers Squibb announced it had agreed to buy Turning Point Therapeutics for USD 4 bn, a premium of 120%. This deal gives the US pharmaceutical company a novel lung cancer drug that is expected to receive regulatory approval in 2023. BB Biotech’s portfolio company Radius Health, which has a product in the market for the treatment of postmenopausal women with osteoporosis and high fracture risk, received a takeover offer from two investment companies, Gurnet Point Capital, LLC and Patient Square Capital, at the end of June.

In view of the low valuations that most biotech companies are trading on after a prolonged and sometimes steep correction over the past twelve months, it is certainly possible that more double-digit billion-dollar transactions could be announced before the year is over, targeting companies that already have products with blockbuster potential in the market. Pharma companies can be expected to focus above all on biotech firms that have received – or are about to receive – market approval for their initial products based on ground-breaking technologies. Among other things, this includes gene editing, where specific faulty gene segments in DNA strands are cut out and modified. Genes can be added, removed or disconnected with this technology, which has the potential to deliver complete and lasting solutions to various genetic disorders. In the second half of this year, Crispr Therapeutics and Vertex Pharma will unveil the first approval-relevant data in gene editing for the treatment of two genetically induced blood cell formation disorders. As the treatment costs of this as yet untreatable condition are very high, Crispr and Vertex would appear to have very high price-setting power. It is perfectly conceivable that Vertex, which is already a profitable biotech heavyweight, will attract a takeover offer given that its future potential revenues could run into billions of dollars.

RNA-based therapies such as SiRNA and AOs (antisense oligonucleotides), which have received market approval for drugs in connection with niche indications, represent another commercially attractive area for prospective corporate buyers. Alnylam and Ionis Pharma are two good examples of companies in this area that look to have takeover appeal in light of their first product authorizations and mature technology platforms. In the field of oncology, this is even more true of biotechs that play a pioneering role in the area of immuno-oncology – particularly if they possess products capable of activating the body’s immune defences against tumor cells even better than combination therapies.

By contrast, for small biotech companies with promising technologies but as yet no active agents capable of demonstrating clinical effectiveness, there is still a huge discrepancy between the amount companies believe they are worth for takeover purposes and the price buyers are willing to pay. The equities of these companies have suffered the greatest price declines since 2021, and their corporate value has decreased accordingly. In order to secure financing for their most important clinical projects, these companies will have to enter into traditional development partnerships with Big Pharma which involve upfront payments and performance-linked milestone payments. If they turn out to be successful, these partnerships could then lead to takeover offers.

These investment strategies might interest you