Portfolio Manager Factsheet

March 2019

Neurocrine rebounded in March as the company reported positive early data for its congenital adrenal hyperplasia drug NBI-74788. Neurocrine remains a widely speculated acquisition target. Biogen declined after the discontinuation of the company’s Phase 3 trials of aducanumab in Alzheimer’s Disease due to futility. We had reduced its exposure to Biogen prior to the release. The appointment of Ned Sharpless as the next Commissioner, the current Director of the National Cancer Institute and co-founder of multiple biotechnology companies, appears to be a positive for the industry. We would expect the constructive regulatory environment for new drug approvals to continue under the new leadership.

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The Biotech Growth Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.