197. Bull, Bear & Beyond – BB Biotech in 60 seconds

BB Biotech delivered a strong set of results in 2025, with NAV rising 26.5%, comfortably outperforming its benchmark, the Nasdaq Biotech Index. Performance was supported by a recovery in sentiment across the biotech sector and by the strength of BB Biotech’s concentrated portfolio of innovative mid-cap companies. Notably, five portfolio holdings were acquired by larger pharmaceutical groups during the year, highlighting the strategic value of the companies that BB Biotech invests in. The managers continue to focus on businesses with differentiated pipelines and clear commercial potential. Looking ahead, they expect M&A to remain an important driver of returns as large pharmaceutical companies seek exciting external drug candidates, ahead of a major patent cliff. A wide range of clinical, regulatory and commercial milestones expected across the portfolio in 2026 could provide further opportunities for value creation.

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