HBM HEALTHCARE INVESTMENTS AG 
By Press Release
Zug, 27 January 2012
HBM BioVentures Quarterly Report as at 31 December 2011
HBM BioVentures' net asset value (NAV) per share decreased by
0.6% to CHF 56.00 during the reporting period. The decline in
the valuation of the largest public investments was offset by
the rise in the US dollar against the Swiss franc. The share
price fell by 3.3%, more than the NAV, to stand at CHF 39.95
at the end of December.
The outstanding CHF 30 million bond was repaid in full in
mid-December. HBM BioVentures has a sound balance sheet, with
an equity ratio of 99% and cash and cash equivalents of CHF
70 million, or 14% of assets. 57% of assets is invested in
private companies (42% directly and 15% indirectly via
third-party funds), and 22% is invested in public companies.
Some 7% is accounted for by risk- weighted and discounted
claims to performance-related milestone payments from trade
sales, which could potentially be much higher if the
companies in question perform well. Around 57% of net assets
is invested in US dollars, while 12% is invested in Euros.
Foreign exchange risks are not hedged at present
At the end of October, Pacira Pharmaceuticals received
approval from the US Food and Drug Administration (FDA) for
Exparel™, a local injectable agent to alleviate post-surgical
pain which provides relief for up to 72 hours. Despite
achieving this important milestone, Pacira's share price fell
by 12.8% during the quarter under review. Marketing for
Exparel™ will begin in Q2 2012 and should lead to an increase
in the company's value.
The share price of Basilea Pharmaceutica, which is the
largest investment in the portfolio, fell by
8.2% during the reporting period. HBM BioVentures took the
opportunity presented by Basilea's persistently low market
valuation to further increase its position in the fourth
calendar quarter of
2011. As at the end of December, HBM BioVentures held just
under 20% of the company.
In early 2012, Basilea successfully concluded the audits of
26 study centres, and the associated data analyses, from two
clinical phase III trials of the Ceftobiprol antibiotic in
patients with severe pneumonia. On the strength of these
trials, Basilea intends to apply for approval for Ceftobiprol
for the European market in the second half of 2012. The next
steps concerning the submission of an
Bundesplatz 1 CH-6300 Zug | Tel: +41 41 768 11 08 | Fax: +41 41 768 11 09 | info@hbmbioventures.com www.hbmbioventures.com
NOT FOR DISTRIBUTION IN USA, CANADA, JAPAN OR AUSTRALIA
application for regulatory approval for the US market will be
determined following discussions with the US Food and Drug
Administration.
Basilea is also expecting data from US phase-III trials for
its Toctino® product in Q1 2012. Toctino® is already marketed
in Europe. Positive study results would provide the basis for
an application to have the medication approved for the
treatment of hand eczema in the US market.
In the private company portfolio, PTC Therapeutics concluded a licensing agreement with Roche for a pre-clinical development programme for the treatment of spinal muscular atrophy (SMA). PTC received an upfront payment of USD 30 million, and is entitled to additional milestone payments of up to USD 460 million, as well as double-digit percentage royalties on potential sales. Probiodrug secured financing from a new investor shortly before the end of the year. The value of the investment was increased by 20% as a result.
Outlook
With the publication of study results, potential new
partnerships and the commercial launch of Exparel™,
potentially value-enhancing events at both Basilea and
Pacira, the largest public holdings, are expected. We also
anticipate developments (study results, IPOs or trade sales)
at a variety of private companies over the next 12 months
that will have a bearing on their value. Our team provides
our portfolio companies with hands-on support for their sales
and IPOs, and thus plays an active part in value growth for
the future. It remains to be seen whether or not the
forthcoming study results will confirm the findings of
earlier work.
The quarterly report as at 31 December 2011 is available on
the website of HBM BioVentures Ltd. www.hbmbioventures.com.
For further information, please contact Dr. Andreas Wicki,
CEO HBM BioVentures Ltd, tel.: +41 41
768 11 08, andreas.wicki@hbmbioventures.com.
HBM BioVentures invests in the healthcare sector. The Company
holds and manages an international portfolio of some twenty
five promising companies in the biotechnology/human
medicine, medical technology and diagnostics sectors. Many of
these companies have their lead
Bundesplatz 1 CH-6300 Zug | Tel: +41 41 768 11 08 | Fax: +41 41 768 11 09 | info@hbmbioventures.com www.hbmbioventures.com
NOT FOR DISTRIBUTION IN USA, CANADA, JAPAN OR AUSTRALIAproducts already available on the market, or at an advanced stage of development. The focus of investment is on follow-on financing for existing portfolio companies. These portfolio companies are closely tracked and actively guided on their strategic directions. This is what makes HBM BioVentures an interesting alternative to investing in big pharma and biotech companies. HBM BioVentures has an international shareholder base and is listed on SIX Swiss Exchange (ticker: HBMN).
DisclaimerThis media release does not constitute an issue prospectus within the meaning of Art. 652a or Art. 1156 of the Swiss Code of Obligations, a listing prospectus in the sense of the SIX Swiss Exchange Listing Rules or a securities prospectus as defined in the German Securities Prospectus Act (Wertpapierprospektgesetz). Publication is for information purposes only and constitutes neither an offer to sell nor an invitation to buy or subscribe for securities. This media release and the information it contains must not be distributed or forwarded to or within the United States of America (USA) or to US persons (including legal entities) or publications with a general circulation in the USA. This media release does not constitute an offer or invitation to purchase any securities in the USA. The securities of HBM BioVentures Ltd have not been registered under United States securities legislation and may not be offered, sold or delivered within the USA or to US persons without prior registration or the corresponding exemption from the registration requirements
of US securities legislation.
HBM BioVentures LtdBundesplatz 1 CH-6300 Zug | Tel: +41 41 768 11 08 | Fax: +41 41 768 11 09 | info@hbmbioventures.com www.hbmbioventures.com
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| Documents associés | |
| HBM BioVentures Quarterly Report as at 31 December 2011 |
