BB BIOTECH AG up 14.9% in 2009 - Portfolio broadened
(Thomson Reuters ONE) - BB BIOTECH AG / BB BIOTECH AG up 14.9% in 2009 - Portfolio broadened processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. Portfolio as at December 31, 2009In 2009, BB BIOTECH's share price increased by 14.9% in CHF and 13.9% in EUR(incl. dividends), in line with the strong performance of Nasdaq Biotech Index(NBI), and general stock market indices. BB BIOTECH's share price closed theyear at CHF 76.65 (EUR 50.76). BB BIOTECH's Net Asset Value (NAV) increased by5.8% (in USD incl. dividends) during 2009. During the year, we strengthened ourefforts to close the discount between BB BIOTECH's share price and NAV. On July6 2009, BB BIOTECH shareholders confirmed the resolution to initiate a sharebuyback program that corresponds to 10% of total share capital over the nextthree years. As a result, the discount decreased from 25.4% to 17.0% (in CHF) atthe end of the year. Since inception in 1993, BB BIOTECH's NAV achieved a totalperformance of 543.5% (in USD, incl. dividends), outperforming the NBI'sperformance of 316.1% during that time period, as well as many other industrybenchmarks. Consistent with BB BIOTECH's dividend policy that was introduced in2004, the Board of Directors will propose at the annual shareholders' meeting in2010 to pay a dividend of CHF 3.70.BB BIOTECH's core holdings all showed advancements in terms of clinicaldevelopment and commercial success. Vertex was the best performer amongst them,yielding a 41% share performance during 2009. The company reported furtherstrong results for its novel drug Telaprevir, supporting our belief that thedrug will cure a significant number of hepatitis C patients and become the goldstandard of care in this disease.Roche's acquisition of the minority stake of Genentech in March 2009 was ahistoric event within the biotech sector, and once again validated theinnovative biotech business model and its attractiveness to pharma companies. Asa long-term investor in Genentech, BB BIOTECH generated significant value to itsshareholders with this transaction.Actelion continued showing strong sales growth from its lead drug Tracleer forthe treatment of pulmonary arterial hypertension (PAH). The company alsoannounced positive top-line results from its first Phase III trial testingAlmorexant, a novel therapy for insomnia. Further Phase III studies are plannedto begin in the US in 2010.Celgene announced positive clinical results showing that newly diagnosedmultiple myeloma patients that are both eligible and ineligible for stem celltransplantation benefit significantly from the use of maintenance Revlimidtreatment. These results bode well for increased use of the company's flagshipproduct Revlimid, as an earlier and continuous treatment in multiple myeloma.During 2009, BB BIOTECH initiated six new investment positions: Novo Nordisk,Micromet, Amgen, Genzyme, Clinuvel, and Probiodrug. Novo Nordisk, a worldwideleader in diabetes care, continued showing strong sales growth and advances inits product pipeline. We are excited about Micromet's technology platform togenerate bi-specific antibodies and its lead program, which has yielded positivepreliminary results in the treatment of lymphoma. Probiodrug is a privately heldcompany we made an investment this year. The company impressed us with itspioneering scientific approach and novel target to treat Alzheimer's disease. In2009, we reduced our position in Biogen Idec and added to our investments inIncyte, Arena, and Zymogenetics. We divested our holdings in Rigel and TheMedicines Company. Having made an early private investment in The MedicinesCompany, BB BIOTECH realized a significant gain over the entire investmentperiod.We look forward to the finalization of US health care reform in 2010 aslegislators appear close to a resolution. Coverage of the currently uninsuredpopulation in the US should increase demand for new medicines and servicesprovided by biotech companies. We are not overly concerned about economic/costpressures on innovative drugs, because new drugs that are differentiated (i.e.safety/efficacy) from existing therapies should be reimbursed and commandpremium pricing. Thus, we believe the innovation that is inherent in the biotechsector will yield many blockbuster therapies in the future. The combination ofnovel products and continuing strong growth of revenues and profits underliesour investment hypothesis in the biotech industry in the coming years.This is the composition of BB BIOTECH's Portfolio as at December 31, 2009 (in %of securities, rounded values): CORE HOLDINGS Actelion 28.3% Celgene 17.2% Gilead 17.2% Vertex Pharmaceuticals 14.6% SMALL PARTICIPATIONS Novo Nordisk 4.2% Zymogenetics 2.7% Amgen 2.0% Roche Holding 1.8% Incyte 1.7% Genzyme 1.4% Micromet 1.4% Arena Pharmaceuticals 1.4% Biogen Idec 0.9% Basilea Pharmaceutica 0.9% Affymetrix 0.8% Optimer Pharmaceuticals 0.7% Elan 0.7% NicOx 0.6% Epigenomics 0.3% BioXell 0.3% Keryx Biopharmaceuticals 0.1% Clinuvel <0.1% Probiodrug* 0.5% 3% Convertible Bond Deutsche Bank (-18.05.2012)** 0.2% Basilea Pharmaceutica put option (short) as <(0.1%) SWAP agreement on treasury shares 0.1% Total securities CHF 1 463.0 mn Liquid funds (net) CHF 44.4 mn Other assets CHF 13.0 mn Other payables CHF (4.2) mn Total shareholder's equity CHF 1 516.2 mn Treasury shares (in % of company) 9.9%* Unlisted company** Convertible into registered shares BB BIOTECH AGThe Annual Report as at December 31, 2009 is available on March 4, 2010 underwww.bbbiotech.comFor further information please contact:Bellevue Asset Management AG, Seestrasse 16, CH-8700 Kusnacht, SwitzerlandNafida Bendali or Maria-Grazia Iten-Alderuccio, Phone +41 44 267 67 00Company profile:BB BIOTECH acquires holdings in companies in the biotechnology growth market andis currently one of the world's largest investors in the sector. BB BIOTECH islisted in Switzerland, in Germany and in Italy. The focus of the holdings is onquoted companies that are concentrating on the development and marketing ofinnovative medicines. For the selection of holdings, BB BIOTECH relies onfundamental analysis by physicians and molecular biologists. The Board ofDirectors has many years of industrial and scientific experience.[HUG#1377932] --- End of Message --- BB BIOTECH AGVordergasse 3 Schaffhausen SwitzerlandWKN: AONFN3;ISIN: CH0038389992; Press Release_BB BIOTECH_28.01.2010: http://hugin.info/130285/R/1377932/338603.pdf
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