The biotechnology investment group, BB Biotech, reports a stronger performance in the first half of the year. The company says the biotech market has shown improved growth and the biotechnology indices have outperformed most other stock indices.This content was published on July 13, 2000 - 12:02
The net asset value of the Schaffhausen-based group's shares rose 45 per cent over the period, driven by the good results of a majority of the companies in the group's portfolio.
Since the launch of BB Biotech in November 1993, its shares have increased an average of 35 per cent per year.
During the first six months of 2000, BB Biotech further diversified its portfolio and invested in nine public companies and one private United States biotech company.
The company said in a statement that renewed interest in genomics and the continuing progress in product development had fueled a strong interest in the biotech sector.
"The announcement of the first assembly of the human genome on June 26 marks the beginning of a new era in drug development and clinical medicine," said the company's six-month report.
Since December, the company has increased its share capital by 170,000 shares, worth SFr267 million, in response to increased demand for its investment products.
by Tom O'Brien
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