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OUR INVESTMENTS

A concentrated, high-conviction portfolio

24 positions, updated 31 December 2025

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Company
Ticker
Sector
Weight
Alnylam Pharmaceuticals
ALNY
Orphan Diseases
5.20%
Company LocationUSA
Size in % of Securities5.20%
Size of Stake in Company0.30%
Market Capitalization 52.5 Mrd.
Sector: Orphan DiseasesMain candidate: VutrisiranMain indications: ATTR Amyloidosis

About the company

Alnylam is a biotechnology company focused on developing RNA therapies, a treatment approach to selectively block the synthesis of specific disease-causing proteins. The company is focusing on four therapeutic areas including genetic medicines, cardio-metabolic diseases, infectious diseases, central nervous system diseases and ocular diseases. Alnylam company was founded in 2002 and headquartered in Cambridge, Massachusetts, in the US. Alongside Ionis, another of BB Biotech´s portfolio companies, Alnylam is considered one of the leaders in the RNA interference field. The company has four products approved and on the market: Patisiran, Givosiran, Lumasiran and Vutrisiran.

Further information about the company

Amicus Therapeutics
FOLD
Orphan Diseases
4.50%
Company LocationUSA
Size in % of Securities4.50%
Size of Stake in Company3.50%
Market Capitalization 4.4 Mrd.
Sector: Orphan DiseasesMain candidate: GalafoldMain indications: Lysosomale Speicherkrankheiten

About the company

Amicus Therapeutics is a global biotechnology company focused on the development and commercialization of innovative therapies for rare genetic diseases. The company is headquartered in the United States and primarily targets lysosomal storage disorders such as Fabry disease and Pompe disease.Its marketed products include Galafold for the treatment of certain patients with Fabry disease and Pombiliti and Opfolda for patients with Pompe disease. Amicus pursues multiple therapeutic approaches, including enzyme replacement therapies and other innovative platform technologies, to address diseases with high unmet medical need.

Further information about the company

Annexon
ANNX
Inflammation & Immunology 
0.80%
Company LocationUSA
Size in % of Securities0.80%
Size of Stake in Company3.60%
Market Capitalization 720 Mio.
Sector: Inflammation & Immunology Main candidate: ANX005, ANX007, ANX1502Main indications: Guillain-Barre Syndrome, Geographic Atrophy and autoimmune diseases

About the company

Annexon Biosciences is a biotechnology company advancing a late-stage clinical platform of novel therapies for people living with devastating classical complement-mediated neuroinflammatory diseases of the body, brain, and eye. Annexon’s approach targets upstream C1q to block the classical complement inflammatory cascade before it starts, and its therapeutic candidates are designed to provide meaningful benefits across multiple autoimmune, neurodegenerative and ophthalmic diseases. Annexon is advancing its mid-to late-stage clinical trials to bring new potential treatments to patients as quickly as possible.

Further information about the company

Argenx SE
ARGX
Inflammation & Immunology
11.40%
Company LocationNetherlands 
Size in % of Securities11.40%
Size of Stake in Company0.70%
Market Capitalization 51.8 Mrd.
Sector: Inflammation & ImmunologyMain candidate: Vyvgart and Vyvgart Hytrulo Main indications: Myasthenia gravis

About the company

Argenx is a biotechnology company focused on discovery and development of targeted antibodies through its multiple antibody technology platform. The company is headquartered in Belgium with operations in US and Japan. The company´s lead product Vyvgart (also known as Efgartimod) is marketed for treating generalized Myasthenia gravis. Efgartigimod has the potential to address multiple autoimmune diseases driven by pathological immunoglobulin G. Argenx has several other product candidates in clinical development and can be considered an antibody platform company targeting novel scientific pathways in disease areas with high unmet medical needs.

Further information about the company

Avidity Biosciences
RNA
Orphan Diseases 
5.60%
Company LocationUSA
Size in % of Securities5.60%
Size of Stake in Company1.70%
Market Capitalization 10.9 Mrd.
Sector: Orphan Diseases Main candidate: Del-desiran (AOC 1001)Main indications: Myotonic dystrophy type 

About the company

Avidity Biosciences is a biotechnology company that focuses on developing RNA-based therapeutics for rare neuromuscular diseases. The company’s work centers around its proprietary AOC™ (Antibody Oligonucleotide Conjugates) platform, which enables targeted delivery of oligonucleotides to specific tissues. Its lead clinical candidate, del-desiran (AOC 1001), is currently in development for the treatment of myotonic dystrophy type 1 (DM1). The pipeline also includes programs for other rare muscle disorders, such as FSHD (facioscapulohumeral muscular dystrophy) with del-brax (AOC 1020), and Duchenne muscular dystrophy (DMD) with del-zota (AOC 1044), particularly for patients amenable to exon 44 skipping. In addition, Avidity is expanding its AOC platform to address other genetic and inflammatory diseases.

Further information about the company

Celldex Therapeutics
CLDX
Inflammation & Immunology 
2.90%
Company LocationUSA
Size in % of Securities2.90%
Size of Stake in Company5.40%
Market Capitalization 1.8 Mrd.
Sector: Inflammation & Immunology Main candidate: BarzolvolimabMain indications: Urticaria and other mast cell driven diseases 

About the company

Celldex Therapeutics is a clinical stage biotechnology company dedicated to developing monoclonal and bispecific antibodies that address devastating diseases for which available treatments are inadequate. The pipeline includes antibody-based therapeutics that have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with inflammatory diseases and many forms of cancer. The company's lead product candidate Barzolvolimab is a first in class Fc silenced human IgG1 monoclonal antibody (mAb) against wildtype c-KIT receptor leading to depletion and/or inhibition of mast cell activation. The company is on track to start Phase III barzolvolimab clinical development in Chronic spontaneous Urticaria during 2024 and to report Phase II clinical data in Chronic Inducible Urticaria as well as Eosinophilic Esophagitis.

Further information about the company

Edgewise Therapeutics
EWTX
Orphan Diseases
1.10%
Company LocationUSA
Size in % of Securities1.10%
Size of Stake in Company1.40%
Market Capitalization 2.6 Mrd.
Sector: Orphan DiseasesMain candidate: EDG-5506 (Sevasemten) and EDG-7500Main indications: Duchenne muscular dystrophy, Becker muscular dystrophy and hypertrophic cardiomyopathy (HCM) 

About the company

Edgewise Therapeutics is a biotechnology company founded in 2017 and headquartered in Colorado in the US focused on developing new drugs for muscle diseases. The company is focused on the discovery, development and commercialization of innovative treatments for severe, rare muscle disorders for which there is a significant unmet medical need. Edgewise are developing their drug candidates using small molecules that target myosin to treat rare muscle disorders. The company´s technology measure integrated muscle function in whole organ extracts to identify small molecule precision medicines regulating key proteins in muscle tissue. Today, the company´s focus is on Duchenne muscular dystrophy, Becker muscular dystrophy and hypertrophic cardiomyopathy (HCM). The company´s lead candidate is EDG-5506 (Sevasemten) is in phase III development for Becker muscular dystrophy and EDG-7500 is in Phase II development for HCM.   

Further information about the company

Galecto Inc.
GLTO
Oncology
0.70%
Company LocationDK
Size in % of Securities0.70%
Sector: Oncology

About the company

Galecto, Inc. is a clinical-stage biotechnology company focused on developing novel small-molecule therapies for the treatment of cancer, fibrosis, and other severe diseases with high unmet medical need. Founded in 2011, the company is headquartered in Copenhagen, Denmark, with operations in the United States.Galecto is advancing several product candidates in clinical and preclinical development, including Galectin-3 inhibitors and targeted therapies for specific genetic subtypes of acute myeloid leukemia (AML). The company aims to address key disease-driving biological mechanisms and provide innovative treatment options for patients with limited therapeutic alternatives.

Further information about the company

Immunocore
IMCR
Oncology
2.90%
Company LocationUK
Size in % of Securities2.90%
Size of Stake in Company5.50%
Market Capitalization 1.8 Mrd.
Sector: OncologyMain candidate: Kimmtrak and IMC-F106CMain indications: Metastatic uveal melanoma

About the company

Immunocore is a biotechnology company focused on developing T cell receptor treatments for unmet medical needs in cancer, infectious diseases, and autoimmune diseases. The company was founded in 2008 and is headquartered in Oxfordshire in the UK. Immunocore are enhancing human T cell receptors to overcome the limitations of the natural immune system and current therapeutics approaches, through engineering novel bispecific drugs called ImmTAX molecules. In early 2022 their product Kimmtrak was approved for the treatment of metastatic uveal melanoma. The company has several product candidates in clinical development including IMC-F106C, which is being tested in multiple types of cancer.

Further information about the company

Ionis Pharmaceuticals
ARGX
Orphan Diseases 
11.20%
Company LocationUSA
Size in % of Securities11.20%
Size of Stake in Company2.90%
Market Capitalization 12.8 Mrd.
Sector: Orphan Diseases Main candidate: MultipleMain indications: Neurology, cardiovascular, respiratory

About the company

Ionis Pharmaceuticals is a biotechnology company focused on developing RNA-targeted drugs. Its technology platform in the antisense space allows for the control of protein production and reduction at a genetic level. Ionis´ antisense drugs are designed to interact precisely with RNA, allowing them to create treatments that disrupt the disease process and change its course. The company – on its own and in collaboration with its partners – has brought five drugs to the market already and currently has more than ten drug candidates in mid- to late-stage clinical development. The five approved drugs are Spinraza (partnered with Biogen) for spinal muscular atrophy, Tegsedi for hereditary transthyretin amyloidosis polyneuropathy, Waylivra for familial chylomicronemia syndrome, Qalsody (partnered with Biogen) for ALS and Wainua (partnered with AstraZeneca) for polyneuropathy.

Further information about the company

Jade Biosciences
JBIO
Inflammation & Immunology
1.50%
Company LocationUSA
Size in % of Securities1.50%
Size of Stake in Company4.50%
Market Capitalization 760 Mio.
Sector: Inflammation & ImmunologyMain candidate: JADE101Main indications: immunoglobulin A nephropathy (IgAN)

About the company

Jade Biosciences, Inc. is a clinical-stage biotechnology company focused on developing potentially best-in-class therapies for patients living with autoimmune diseases and other serious conditions with high unmet medical need. The company was founded in 2024 and is headquartered in Waltham, Massachusetts, USA. Jade’s programs build on discovery-stage assets licensed from Paragon Therapeutics, an antibody discovery engine, and are designed to transform the standard of care in immunology and inflammation indications.The lead candidate, JADE101, is a monoclonal antibody that inhibits the cytokine APRIL (A PRoliferation-Inducing Ligand) and is being developed for the treatment of immunoglobulin A nephropathy (IgAN), with first-in-human clinical studies anticipated. The company’s pipeline also includes additional development candidates such as JADE201 and JADE-003 in preclinical stages, aimed at addressing other autoimmune targets.

Further information about the company

Krystal Biotech
KRYS
Orphan Diseases
3.00%
Company LocationUSA
Size in % of Securities3.00%
Size of Stake in Company1.40%
Market Capitalization 7.1 Mrd.
Sector: Orphan DiseasesMain candidate: VyjuvekMain indications: Dystrophic epidermolysis bullosa

About the company

Krystal Biotech, Inc. is a biotechnology company focused on developing and commercializing genetic therapies for rare and serious diseases. Headquartered in Pittsburgh, Pennsylvania (USA), the company leverages a proprietary HSV-1 based gene delivery platform to develop targeted treatments for genetically driven conditions.Its commercial product Vyjuvek is a gene therapy for dystrophic epidermolysis bullosa. In addition, the company is advancing a pipeline of genetic medicines in clinical and preclinical development, including programs in dermatology and respiratory diseases, aiming to directly address the underlying genetic causes of disease.

Further information about the company

Maze Therapeutics
MAZE
Cardiovascular Diseases
1.10%
Company LocationUSA
Size in % of Securities1.10%
Size of Stake in Company1.80%
Market Capitalization 2.0 Mrd.
Sector: Cardiovascular DiseasesMain candidate: MZE829Main indications: APOL1-vermittelte Nierenerkrankungen

About the company

Maze Therapeutics is a clinical-stage biopharmaceutical company developing precision small molecule medicines based on human genetics. Headquartered in South San Francisco, California (USA), the company uses its Compass platform to systematically identify genetically validated disease drivers.Its lead program targets APOL1-mediated kidney disease, a genetically defined form of chronic kidney disease. The broader pipeline includes additional programs in genetically driven renal, cardiovascular, and metabolic diseases, aiming to translate protective genetic mechanisms into targeted therapies.

Further information about the company

Neurocrine Biosciences
NBIX
Neurological Diseases 
7.10%
Company LocationUSA
Size in % of Securities7.10%
Size of Stake in Company1.70%
Market Capitalization 14.1 Mrd.
Sector: Neurological Diseases Main candidate: IngrezzaMain indications: Tardive Dyskinesia, Chorea-Huntington’s Disease 

About the company

Neurocrine Biosciences is a biotechnology company specialized in targeting and interrupting disease-causing mechanisms involving the interconnected pathways of the nervous and endocrine systems. The company lead product Ingrezza (VMAT2 inhibitor) is approved in the US for the treatment of tardive dyskinesia (a condition where patients have involuntary movements that cannot be controlled) and as of August 2023 also for the treatment of Chorea-Huntington’s Disease. On the pipeline side, the company is preparing to file an NDA for crinecerfont, a CRF-R1 antagonist, for the treatment of Congenital Adrenal Hyperplasia (CAH).

Further information about the company

Nuvalent
NUVL
Oncology
3.10%
Company LocationUSA
Size in % of Securities3.10%
Size of Stake in Company1.40%
Market Capitalization 7.8 Mrd.
Sector: OncologyMain candidate: NVL-520Main indications: ROS1-positive non-small cell lung cancer

About the company

Nuvalent, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, selective kinase inhibitors for genetically defined cancers. Headquartered in Cambridge, Massachusetts (USA), the company applies a rational drug design approach to create highly selective molecules designed to improve efficacy and tolerability, particularly in overcoming resistance to existing targeted therapies.Its lead candidates include zidesamtinib (NVL-520), a selective ROS1 inhibitor for the treatment of ROS1-positive non-small cell lung cancer (NSCLC), and neladalkib (NVL-655), an ALK-selective inhibitor for ALK-positive tumors. Both programs are in clinical development and are designed to differentiate through improved selectivity and central nervous system (CNS) activity.

Further information about the company

Relay Therapeutics
RLAY
Oncology
2.10%
Company LocationUSA
Size in % of Securities2.10%
Size of Stake in Company4.80%
Market Capitalization 1.5 Mrd.
Sector: OncologyMain candidate: RLY-2608Main indications: PI3Kα mutant metastatic breast cancer

About the company

Relay Therapeutics is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Built on unparalleled insights into protein motion and how this dynamic behavior relates to protein function, Relay Therapeutics aims to effectively drug protein targets that have previously been intractable, with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. The company’s Dynamo platform integrates an array of leading-edge experimental and computational approaches to provide a differentiated understanding of protein structure and motion to drug these targets. The company has deployed its Dynamo platform to initially focus on the area of precision oncology. Most advanced clinical candidate is RLY-2608, a pan PI3Kα for the treatment of metastatic breast cancer with a PI3Kα mutation currently in Phase I/II dose expansion in combination with Standard of care.

Further information about the company

Revolution Medicines
RVMD
Oncology
11.80%
Company LocationUSA
Size in % of Securities11.80%
Size of Stake in Company2.60%
Market Capitalization 15.4 Mrd.
Sector: OncologyMain candidate: RMC-6236Main indications: Tumor types featuring specific oncogenic mutations in solid tumors

About the company

Revolution Medicines is a clinical-stage precision oncology company focused on developing novel targeted therapies to inhibit elusive frontier targets within notorious growth and survival pathways, with particular emphasis on RAS and associated signaling pathways. The company is utilizing its deep understanding of genetic drivers and adaptive resistance mechanisms in cancer, coupled with robust drug discovery and medicinal chemistry capabilities, to build a portfolio of compounds that inhibit critical signaling nodes within the RAS and associated pathways.  The company is developing a portfolio of mutant-selective RAS inhibitors that could be the first potent, selective, cell-active inhibitors of the active, GTP-bound form of RAS, or RAS(ON). Lead asset is RMC-6236, a multi-selctive KRAS inhibitor that hass shown encouraging signs of antitumor efficacy in lung as well as pancreatic cancer with any type of KRAS mutation.

Further information about the company

Rivus Pharmaceuticals
Cardiovascular Diseases 
1.60%
Company LocationUSA
Size in % of Securities1.60%
Sector: Cardiovascular Diseases Main candidate: HU6Main indications: Obesity

About the company

Rivus Pharmaceuticals is a non-listed biotechnology company focused on developing a new class of medicines designed to address obesity. The company was founded in 2019 and is headquartered in Charlottesville, Virginia in the US. Rivus is advancing a new class of therapies called Controlled Metabolic Accelerators (CMAs) designed to selectively reduce excess fat by leveraging mitochondrial uncoupling. For its lead program HU6, Rivus has completed Phase I studies and a Phase IIa metabolic study. Rivus recently initiated a Phase IIa study in obese patients with heart failure with preserved ejection fraction and plans to initiate a Phase IIb study in obesity, including a subset of patients with type 2 diabetes, in 2023. Rivus is expanding the therapeutic utility of mitochondrial uncoupling with new CMAs targeting a myriad of diseases where preclinical evidence for safe metabolic acceleration is strong and the therapeutic need is substantial.

Further information about the company

Scholar Rock
SRRK
Orphan Diseases 
5.30%
Company LocationUSA
Size in % of Securities5.30%
Size of Stake in Company4.00%
Market Capitalization 4.5 Mrd.
Sector: Orphan Diseases Main candidate: ApitegromabMain indications: SMA type 2 and 3, immuno-oncology

About the company

Scholar Rock is a biotechnology company focused on developing monoclonal antibodies that are able to modulate growth factors with extraordinary selectivity. The company was founded in 2012 and is headquartered in Cambridge, Massachusetts, in the US. Scholar Rock has a technology platform based on the understanding of the extracellular activation of growth factors. The company develops antibodies to target the latent, inactive forms of growth factors to selectively and locally modulate growth factor activity within the tissue microenvironment. The lead asset, apitegromab, is an antibody targeting TGF-β currently in Phase III clinical development for Spinal Muscular Dystrophy Type 2 and 3 with data expected in late 2024.

Further information about the company

Tango Therapeutics
TNGX
Oncology
1.00%
Company LocationUSA
Size in % of Securities1.00%
Size of Stake in Company2.90%
Market Capitalization 1.2 Mrd.
Sector: OncologyMain candidate: VopimetostatMain indications: MTAP-deleted tumors

About the company

Tango Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing precision oncology therapies. Headquartered in Boston, Massachusetts (USA), the company leverages genetic insights such as synthetic lethality to identify novel cancer targets.Its lead candidate, vopimetostat, is a PRMT5 inhibitor being developed for MTAP-deleted tumors. The pipeline further includes multiple early-stage programs targeting genetically defined subsets of solid tumors.

Further information about the company

Vera Therapeutics
VERA
Inflammation & Immunology
2.50%
Company LocationUSA
Size in % of Securities2.50%
Size of Stake in Company2.40%
Market Capitalization 5.6 Mrd.
Sector: Inflammation & ImmunologyMain indications: IgA nephropathy

About the company

Vera Therapeutics, Inc. is a clinical-stage biotechnology company developing innovative therapies for serious immunological diseases. Headquartered in Brisbane, California (USA), the company focuses on nephrology and autoimmune conditions with high unmet medical need.Its lead candidate, atacicept, modulates B-cell activating factors and is being developed for IgA nephropathy. The company is also exploring additional immunological indications to target key disease-driving pathways.

Further information about the company

Vertex Pharmaceuticals
VRTX
Orphan Diseases
8.90%
Company LocationUSA
Size in % of Securities8.90%
Size of Stake in Company0.30%
Market Capitalization 115 Mrd.
Sector: Orphan DiseasesMain candidate: TrikaftaMain indications: Cystic Fibrosis

About the company

Vertex is a biotechnology company focused primarily on treatments for the genetic disease cystic fibrosis, as well as other unmet medical needs. Founded in 1989, the company is headquartered in Cambridge, Massachusetts, in the US, with operations across Europe, Australia, and Latin America. The company has a number of approved medicines that treat the underlying cause of cystic fibrosis – a rare and life-threatening genetic disease. The approved drugs in this disease area include Kalydeco, Orkambi, Symdeko, and Trikafta. Besides cystic fibrosis, Vertex has a pipeline of investigational small molecule medicines for other serious diseases where it has deep insight into causal human biology, including alpha-1 antitrypsin deficiency, APOL1-mediated kidney diseases, and pain. In addition, the company has a partnership with Crispr Therapeutics for the development and commercialization of Casgevy, the first ex-vivo cell therapy ever been approved by the US FDA (December 2023) for patients with sickle cell therapy.

Further information about the company

Viridian Therapeutics
VRDN
Orphan Diseases
4.00%
Company LocationUSA
Size in % of Securities4.00%
Size of Stake in Company4.60%
Market Capitalization 3.0 Mrd.
Sector: Orphan DiseasesMain candidate: VRDN-001Main indications: Thyroid Eye Disease (TED)

About the company

Viridian Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing novel therapies for autoimmune and rare diseases. Headquartered in Waltham, Massachusetts (USA), the company leverages advanced antibody technologies to create differentiated biologics.Its lead candidate, veligrotug (VRDN-001), is an IGF-1R antagonist for the treatment of Thyroid Eye Disease (TED). The broader pipeline includes additional IGF-1R-targeting antibodies as well as programs targeting the TSH receptor and FcRn inhibitors for potential applications in other autoimmune diseases.

Further information about the company

Wave Life Sciences
WVE
Orphan Diseases 
0.70%
Company LocationUSA
Size in % of Securities0.70%
Size of Stake in Company0.80%
Market Capitalization 3.0 Mrd.
Sector: Orphan Diseases Main candidate: WVE-006, WVE-N531Main indications: Alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy

About the company

Wave Life Sciences is a clinical-stage company focused on developing oligonucleotide-based therapeutics for devastating rare diseases. Wave Life Sciences’ proprietary discovery and drug development platform, PRISM, enables the precise design, optimization, and production of novel stereo-pure oligonucleotides across multiple therapeutic modalities, including RNA editing, splicing, and silencing. WVE’s current drug candidates include WVE-006 (RNA editing for alpha-1-antitrypsin deficiency), WVE-N531 (exon 53 skipper for Duchenne muscular dystrophy), WVE-003 (antisense oligonucleotide selective for mutant huntingtin in Huntington’s disease) and a new candidate targeting INHBE to treat metabolic disorders including obesity.

Further information about the company