IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has increased 25%, while the share price has increased 32% over the same period – the superior returns generally reflected by a reduction in the share price discount.