BB Biotech AG

The share price of BB Biotech declined by 3.9% in CHF in August, while the company’s net asset value (NAV) rose by 1.5% in USD. The Nasdaq Biotechnology Index (NBI) closed 5.0% higher in USD.

Although sentiment in the biotech sector was mixed in some areas, the NBI’s 5% gain for the month reflected a positive environment overall. Broader stock markets also contributed to this optimism, with the S&P 500 notching several record highs during August. A sense of cautious optimism prevailed, supported by renewed financing rounds, signals of regulatory stabilization, and positive market reactions to macroeconomic developments, even as challenges such as leadership changes at the FDA persisted.

In addition, the Jackson Hole Symposium brought notable relief to the markets. In his speech, Fed Chair Powell indicated the possibility of a rate cut in September while emphasising the importance of an independent, data-driven monetary policy. This led to a clear improvement in sentiment, particularly in growth-oriented sectors such as biotechnology. Furthermore, several BB Biotech portfolio companies reported strong Q2 results and updates in August, including positive clinical progress. This reinforced the fundamental outlook and underlines the portfolio’s long-term attractiveness.

Selected highlights in August from BB Biotech’s portfolio companies:

Ionis Pharmaceuticals (–0%, in USD) received FDA approval on August 21 for Donidalorsen (Dawnzera) for the prophylactic treatment of hereditary angioedema (HAE) attacks in patients aged 12 years and older. Dawnzera is the first RNA-based therapy in this indication and demonstrated an 81% reduction in monthly attacks in a phase 3 OASIS study with a dose administered once every four weeks. With its flexible dosing options (every four or eight weeks) and improved tolerability compared to existing therapies, Dawnzera is considered an important new option in the highly competitive HAE market.

Argenx (+2%, in EUR) reported positive results from the phase 3 ADAPT SERON trial on August 25. VYVGART showed a clear improvement in symptoms versus a placebo in a difficult-to-treat form of the muscle weakness disease myasthenia gravis. The company now plans to seek FDA label expansion. The data highlight VYVGART’s potential to reach patient groups without currently available therapy options.

Scholar Rock Holding (–11%, in USD) published positive phase 3 data from the SAPPHIRE study in The Lancet Neurology on August 14. Apitegromab demonstrated significant motor function improvements in children and adults with spinal muscular atrophy (SMA) despite ongoing standard treatment compared to a placebo. The FDA has accepted the Biologics License Application under Priority Review, with a decision date set for September 22. If approved, Apitegromab could become the first muscle-targeted therapy to establish a new treatment standard in SMA.