命中8起并购、击败92%同行，IBT押注专利悬崖延续全球生物技术并购潮

Core Insights - The global biotechnology M&A activity is showing signs of recovery, with the International Biotechnology Trust (IBT) outperforming 92% of its peers with a net asset value return of 27% over the past year [1][3] - Major pharmaceutical companies are facing a "patent cliff," with over $360 billion in sales at risk from generic competition between 2024 and 2030, driving the need for M&A to sustain revenue growth [3][5] Group 1: M&A Activity - As of the end of September, the IBT's net assets were approximately £285 million ($381 million), with a portfolio covering about 90 stocks, nearly one-third of which are in the rare disease sector [1] - The total number of announced biotechnology and pharmaceutical transactions has exceeded 400 this year, amounting to approximately $111 billion, surpassing last year's total of $71 billion [1][3] Group 2: Investment Focus - Pharmaceutical companies prefer to acquire products that are either nearing or already on the market, with a focus on low clinical risk assets [3][5] - Over 70% of the 155 biotech company acquisitions since 2018 involved late-stage assets, and 44% had commercialized products [5] Group 3: Market Trends - The Nasdaq Biotechnology Index has risen 18% this year, nearing a four-year high, supported by expectations of Federal Reserve interest rate cuts [8] - The M&A market saw a surge in activity starting in August, following a period of caution due to trade war fluctuations, with global M&A volumes surpassing $1 trillion [8]