Biotech has been misunderstood as inherently risky for years. But that is no longer the case, says Ailsa Craig.

International Biotechnology Trust (LSE:IBT) portfolio manager Ailsa Craig joined Proactive's Stephen Gunnion to discuss the surge in biotech M&A activity, following Vertex Pharmaceuticals' acquisition of Crinetics at a 102% premium. Craig said the deal wave reflects a structural dynamic: most new drugs now originate from biotech, while large pharmaceutical companies face a significant wave of patent expiries and hold substantial cash resources. Vertex's move into rare diseases and chronic therapies makes strategic sense as it diversifies beyond its cystic fibrosis franchise — and the premium paid reflected Crinetics' strong independent position. "They would be perfectly happy to stay independent. And Vertex had to pay up if they wanted to buy them," Craig said. She outlined how IBT evaluates investments using many of the same criteria as pharma business development teams — focusing on chronic therapies, attractive valuations, strong intellectual property and companies capable of remaining independent, making them compelling acquisition targets. Around 40% of IBT's portfolio currently meets these criteria, compared with around 10% of its benchmark - a positioning Craig believes leaves the trust well placed to benefit from continued industry consolidation. Visit the Proactive YouTube channel for more interviews with leading companies and investment experts. If you enjoyed this video, please like, subscribe to the channel and enable notifications so you never miss future content. #InternationalBiotechnologyTrust #Biotech #Biotechnology #AilsaCraig #HealthcareInvesting #BiotechStocks #Pharma #Vertex #Crinetics #MergersAndAcquisitions #Investing #StockMarket #LifeSciences #PatentExpiry #HealthcareInnovation #ProactiveInvestors

International Biotechnology Trust (LSE:IBT) co-lead fund managers Ailsa Craig and Marek Poszepczynski tell Proactive's Stephen gunnion that the trust delivered NAV returns of 35.7% and share price gains of 39% in the six months to February — comfortably ahead of the Nasdaq Biotechnology Index's near-30% return. Five acquisitions completed during the period, with a further five since the interim end. Poszepczynski notes that around 40 portfolio companies have been acquired over the past five years as big pharma continues to rely on biotech for innovation. The sweetest spot for takeover activity, he says, is among companies approaching regulatory approval or commercial launch. Craig is also more optimistic on the political backdrop: "It really does feel like these political headwinds are now behind us," she says, pointing to easing concerns around US drug pricing reform and improving sentiment across the sector. For more interviews and market insights, visit the Proactive YouTube channel, give this video a like, subscribe to the channel and enable notifications for future content. #InternationalBiotechnologyTrust #Biotech #HealthcareInvesting #BiotechStocks #NasdaqBiotech #Pharma #BiotechInvesting #FDA #DrugDevelopment #MergersAndAcquisitions #HealthcareStocks #IPO #FundManagers #Investing #LifeSciences

International Biotechnology Trust (LSE:IBT) portfolio manager Ailsa Craig tells Proactive's Stephen Gunnion that M&A activity in biotech is running hot, with the proposed KalVista Pharmaceuticals acquisition by Chiesi Farmaceutici the latest in a string of deals — and 15% of IBT's portfolio has now been acquired year-to-date at an average premium of 50%. Craig explains the structural driver: big pharma is cash-rich but facing hundreds of billions in revenues lost to patent expiries, forcing them to acquire innovation. With biotech firms accounting for 70% of new drug approvals last year, the sector is firmly in the crosshairs. KalVista is held up as a textbook example of what Craig calls "Biotech 2.0" — clinically de-risked companies addressing real unmet needs. Its oral HAE treatment replaced injectable therapies, and Craig puts it simply: when patients feel an attack coming on, they now just take a tablet. IBT recycles proceeds from exits straight back into new opportunities, keeping the portfolio actively positioned to benefit from continued dealflow. For more insights like this, visit Proactive's YouTube channel, like this video, subscribe to the channel, and enable notifications so you never miss future updates. #Biotech #Pharma #MergersAndAcquisitions #BiotechInvesting #HealthcareStocks #KalVista #DrugDevelopment #InvestingInsights #BiotechNews #PharmaIndustry #StockMarket #HealthcareInnovation

International Biotechnology Trust (IBT) portfolio manager Ailsa Craig talked with Proactive’s Stephen Gunnion about the trust’s recent outperformance, the resurgence of biotech markets, and why merger and acquisition (M&A) activity is becoming a key driver of returns. Craig explained that after a prolonged downturn, biotech is regaining momentum, supported by improved performance and renewed investor interest. She highlighted that IBT benefited from gearing during market weakness and from multiple acquisitions within the portfolio, noting that “we have nine acquisitions out of the fund, making performance really strong.” The trust employs a flexible investment strategy, combining both top-down and bottom-up approaches while actively rotating holdings based on clinical progress and market conditions. Craig emphasized that this adaptability has enabled IBT to outperform its peer group over the long term. A major theme discussed was the acceleration in M&A activity, driven by large pharmaceutical companies facing significant patent expiries. Craig stated, “we're seeing a pickup in M&A right now because big pharma companies are facing massive patent expiry,” adding that further deal momentum is expected. She also pointed to attractive valuations in late-stage biotech firms, particularly those nearing commercialization, and noted increasing IPO activity as a sign the sector is returning to normal. With strong demand from cash-rich pharma companies and improving fundamentals, Craig suggested now is a compelling time for investors to revisit biotech. For more insights like this, visit Proactive’s YouTube channel, give this video a like, subscribe, and enable notifications so you never miss future content. #BiotechInvesting #HealthcareStocks #BiotechM&A #PharmaIndustry #StockMarketInsights #IPO2026 #BiotechStocks #InvestmentStrategy #LifeSciences #ProactiveInvestors

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The Hestia JV will deliver mixed-tenure projects in line with the government's Plan for Change.

As the United Kingdom's FTSE 100 index grapples with the impact of weak trade data from China, reflecting broader global economic challenges, investors are increasingly turning their attention to smaller-cap stocks that might offer untapped potential. In this environment, discovering lesser-known companies like Filtronic and others can provide unique opportunities for those seeking to navigate market uncertainties and capitalize on growth prospects outside the blue-chip sphere.