International Biotechnology Trust plc - IBT

Investing in biotechnology for a healthier future

Access the fast-growing biotechnology sector through an actively managed, diversified investment trust

International Biotechnology Trust (IBT) offers investors access to one of the most dynamic sectors in global markets, managed by a specialist team with a proven record of identifying innovative companies at the forefront of medical science.

Behind the trust - read our philosophy article >

Structural growth and differentiating income

Older, wealthier, healthier – three demographic megatrends driving sustained demand for better healthcare solutions, making biotechnology one of the most compelling structural growth opportunities in global markets. IBT also offers a dividend equivalent to 4% of net asset value each year.

Where innovation meets opportunity

The managers seek out well-managed businesses with a clear path to realising their commercial potential, including select exposure to unquoted opportunities. The team has a strong record of identifying bid targets – though its core holdings are equally capable of delivering significant value as independent businesses.

Thirty years of specialist expertise

IBT was established in 1994, making it the longest-standing trust in the biotech and healthcare AIC sector. Ailsa Craig and Marek Poszepczynski bring decades of experience and have delivered an enviable track record since becoming lead portfolio managers in 2021, combining rigorous stock selection with disciplined risk management.

Portfolio Company Updates

Apogee to be acquired by AbbVie - June 2026
GSK to acquire Nuvalent - June 2026
Chiesi to acquire KalVista - April 2026
Neurocrine to acquire Soleno - April 2026
Merck to acquire Terns Pharmaceuticals - March 2026
Servier to acquire Day One - March 2026
Novartis to acquire Avidity Biosciences - October 2025
Novo Nordisk to acquire Akero - October 2025
Genmab to acquire Merus - September 2025
Pfizer agrees to acquire Metsera - September 2025
Acquisition of 89Bio by Roche - September 2025
Merck to acquire Verona Pharma - July 2025
Sanofi to acquire Blueprint Medicines - June 2025
Merck to acquire SpringWorks - April 2025
Acquisition of Intra-Cellular Therapies by Johnson & Johnson - January 2025

Download Key Material

Half Year Report & Accounts 2026
Annual Report and Accounts 2025
IBT Outlook 2026
Factsheet
Kepler Research
Key Information Document

Portfolio & Performance Hub

Schroder ISF GTR MStar Rating 5 stars

Source: Morningstar, February 2026

Association of Investment Companies ISA Millionaire Logo for 2026. An investment in this trust since 1995, using your full ISA allowance every year, would now result in you having over one million pounds thanks to the long terms growth potential and powerful compounding of these vehicle

Source: Association of Investment Companies, 2026

Citywire's investment trust manager ratings are three-year risk-adjusted measures of the movement in a trust’s net asset value (NAV). They are based on the ‘information ratio’, which is a measure of a fund manager’s skill against a benchmark.  The benchmarks are applied at the trust level, using month-end cum fair NAV. This methodology is consistent with our annual Citywire Investment Trust Awards and our established fund manager ratings.  For a fund manager to be considered, they need a 36-month track record. Each trust they manage also requires a 36-month track record, unless it aligns with a trust in the same sector and is assigned the same benchmark as an eligible trust.

Source: Citywire, 2026

Income 2026 badge

Source: Kepler Trust Intelligence, 2026

In the Media

The Armchair Trader: Breakthroughs, M&A and where the opportunities lie
Citywire: IBT's top holding taken over as 'frenetic' buying grips sector
Kepler: Ideas for your ISA webinar
Trustnet: Making hay in the sunshine as biotech’s outlook brightens
Interactive Investor: Investment trust winners and losers in 2025
Trustnet: The best funds and trusts in November 2025
Kepler: Results Analysis
Trustnet: Chequebooks at the ready: Biotech is on the shopping list
This is Money: The biotech fund backing companies that could change how we live
Citywire: IBT moved to AA rating for the first time
Citywire: IBT feature on healthcare trust picks
Kepler Market Matters Podcast: IBT's Ailsa Craig
Kepler: Talking Trusts - Interview with Ailsa Craig and Marek Poszepczynski
Investment Week: Biotech innovation will overcome policy noise
Trustnet: The sector-specific trusts consistently outperforming for Sharpe ratio

Investment Manager's Blog

Documents

Document Archive
AGM Results 2025
Change of Auditors
AIFM Disclosure Statement
Terms of Reference: Management Engagement Committee
Terms of Reference: Nomination Committee
Terms of Reference: Audit Committee