In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology (IBT), about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector.
00:00 Introduction
00:42 Key drivers of NBI movements
03:00 Thoughts on outperformance
05:12 Current portfolio allocations
07:27 Most attractive valuation opportunities
09:03 Private market exposure
09:47 Opportunity in China
11:14 Current gearing
12:11 Navigating political noise
16:56 Drivers of M&A
19:52 Thoughts on recent premiums
20:12 Identifying takeover targets
20:59 Most exciting developments
23:02 Further information
23:19 Risk warning
Please note that this podcast was recorded on 11 November 2025.
