BB BIOTECH: Positive performance in the third quarter 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Quarterly Report as at September 30, 2009During the third quarter 2009, BB BIOTECH's portfolio companiesachieved a positive performance in line with the broad biotechnologyindex, with the Net Asset Value (NAV) increasing by 7.2% in CHF. BBBIOTECH's share price closed the quarter at CHF 77.95, up 12.2%compared to the second quarter 2009. In Germany, it closed at EUR51.42, up 10.6% compared to the previous quarter. The differencebetween the share price and the Net Asset Value of BB BIOTECHdecreased at the end of the third quarter to 19.2% down from 22.8% atthe end of second quarter. We will continue our measures to controlthe discount between the share price and Net Asset Value and as suchwe have initiated the sixth share buyback program in September.BB BIOTECH's core positions, Actelion, Celgene, Gilead and Vertex,progressed in line with our assumptions. Actelion delivered continuedstrong growth of its PAH franchise with the US FDA broadening theTracleer label to include treatment for less advanced PAH patients.Clinical data for Almorexant, a potential new therapy for insomnia,is the key milestone for the company by year end.Celgene announced that a Phase III trial testing its flagshipproduct, Revlimid, for the treatment of patients with newly diagnosedmultiple myeloma ineligible for stem cell transplantation, wasstopped early as it met its primary efficacy end point at the firstinterim analysis. The positive results should allow Celgene to expandthe label for Revlimid, currently approved only forrelapsed/refractory multiple myeloma patients, to the first-linesetting, increasing the sales potential for Revlimid.Gilead reported positive earnings numbers, driven by continuedstrength of its HIV products Atripla and Truvada. The companyannounced a collaboration with Johnson & Johnson (Tibotec) to developa fixed-dose combination of Truvada with Tibotec's non-nucleosidereverse transcriptase inhibitor (NNRTI) TMC278. We believe this hasthe potential to replace Sustiva, the NNRTI component of Atripla. Asuccessful launch could solidify Gilead's leading position in HIVtherapy and could boost Gilead's earnings.At the American Association for the Study of Liver Disease meeting inNovember, we expect Vertex to present results from a Phase II trialwith Telaprevir, its protease inhibitor for HCV. The study iscomparing twice-daily dosing to three-times-daily dosing (alreadyshown to be highly effective in Phase II trials) and we expect thecure rate between the two regimens to be comparable, providing afurther advantage to patients. We also expect data on several earlystage protease inhibitors in development from competitor companies.While one or more of these agents could be successful in the clinic,we believe the safety hurdle is high and they would come to marketseveral years behind Telaprevir, which we expect to launch in 2011.BB BIOTECH has initiated two new investment positions with Genzymeand Micromet. Genzyme is progressing well to resolve itsmanufacturing problems for its key product Cerezyme, approved for thetreatment of a rare genetic lysosomal storage disorder calledGaucher's Disease. BB BIOTECH participated in the capital increase ofMicromet. Micromet's lead clinical program is a bi-specificsingle-chain antibody targeting CD19 BiTE® for the treatment oflymphoma. Positive clinical data support the bi-specific antibodyplatform of Micromet. The positions in Rigel and The MedicinesCompany were sold, withBB BIOTECH realizing a significant gain on The Medicines Company ofaround CHF 109 mn over the entire investment period.BB BIOTECH initiated its sixth share buyback program on September 16,2009, acquiring 113 500 shares until the end of the third quarter.The shareholders confirmed the resolution of a sixth share buybackprogram at the extraordinary general assembly on July 6, 2009 torepurchase and cancel up to 1.8225 million of BB BIOTECH's registeredshares, corresponding to 10% of total share capital. The reduction inthe number of outstanding registered shares will increase earningsper share and should also reduce the discount between the marketprice and the reported Net Asset Value.The ongoing debate on US healthcare reform is advancing with theuncertainty still weighing on the share performance of manyhealthcare companies. We think BB BIOTECH's portfolio is wellbalanced regarding possible healthcare reform risks towards potentialchanges to the portfolio companies' revenues and profits. Innovativeand effective medicines will continue to achieve good pricing as wellas reimbursement in the Western world, even in a cost consciousenvironment.This is the composition of BB BIOTECH's Portfolio as at September 30,2009 (in % of securities, rounded values):CORE HOLDINGSActelion 32.1%Gilead 17.6%Celgene 16.4%Vertex Pharmaceuticals 12.2%SMALL PARTICIPATIONSNovo Nordisk 4.2%Zymogenetics 2.4%Biogen Idec 2.2%Roche Holding 1.9%Arena Pharmaceuticals 1.6%Basilea Pharmaceutica 1.4%Affymetrix 1.2%Genzyme 1.2%Micromet 1.0%Optimer Pharmaceuticals 0.8%Elan 0.7%NicOx 0.4%Incyte 0.4%Epigenomics 0.3%BioXell 0.2%Keryx Biopharmaceuticals 0.1%Clinuvel <0.1%3% Convertible Bond Deutsche Bank (-18.05.2012)* 0.2%Biogen Idec call option (short) <(0.1%)Basilea put option (short) <(0.1%)USD/CHF put option (long) as 1.3%USD/CHF call option (short) <(0.1%)SWAP agreement on treasury shares 0.1%Total securities CHF 1 539.5 mnLiquid funds (net) CHF 52.8 mnOther assets CHF 18.7 mnOther payables CHF (3.5) mnTotal shareholder's equity CHF 1 607.5 mnTreasury shares (in % of company) 8.6%* Convertible into registered shares BB BIOTECH AGThe Quarterly Report as at September 30, 2009 is available onwww.bbbiotech.comFor further information please contact:Bellevue Asset Management AG, Seestrasse 16, CH-8700 Kusnacht,SwitzerlandNafida Bendali or Maria-Grazia Iten-Alderuccio, Tel. +41 44 267 67 00Company profile:BB BIOTECH acquires holdings in companies in the biotechnology growthmarket and is currently one of the world's largest investors in thesector. BB BIOTECH is listed in Switzerland, in Germany and in Italy.The focus of the holdings is on quoted companies that areconcentrating on the development and marketing of innovativemedicines. For the selection of holdings, BB BIOTECH relies onfundamental analysis by physicians and molecular biologists. TheBoard of Directors has many years of industrial and scientificexperience.http://hugin.info/130285/R/1350870/326202.pdf --- End of Message ---BB BIOTECH AGVordergasse 3 Schaffhausen SwitzerlandWKN: AONFN3; ISIN: CH0038389992; Index: SBIOM, IGSP, SLIFE;Listed: Investment Companies in SIX Swiss Exchange;
Datum: 29.10.2009 - 07:30 Uhr
Sprache: Deutsch
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