BB Biotech rejects privatization proposal by Vontobel Group

16 July 2012

Swiss biotechnology investment fund BB Biotech (SIX: BION) has confirmed that Vontobel Group has made a proposal to restructure BB Biotech from its current status as a listed investment company into an unlisted investment fund. Vontobel said the offer to take the firm private is a 31.7% premium to the 81.95 Swiss francs BB Biotech share price on July 12.

The proposal, published by Vontobel via a press release, was unsolicited and without consultation of BB Biotech. Based on a detailed strategic review, the board of BB Biotech has unanimously concluded that such proposal is not in the best interest of the company and its shareholders and, therefore, rejects the Vontobel proposal.

BB Biotech invests in companies in the fast growing market of biotechnology and is one of the world’s largest investors in this sector with around 1.2 billion Swiss francs ($1.22 billion) in assets under management.

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