Tom3 schreef op 17 maart 2020 15:57:
[...]
Dat doet het biotechfonds Aescap 2.0 ook getuige het navolgende commentaar:
Update on Current Market Developments
Given the recent significant set-back of share prices of public equity we
deemed it appropriate to share our view on the impact of the corona virus
and a possible recession on the companies in our portfolio.
A possible threat could be the sourcing of medical ingredients in case of
supply chain issues. We are monitoring this closely throughout our
portfolio of companies and have not come across any issues so far. We
will make changes in our portfolio when necessary. In any case, we can
safely conclude that the continuation of production of medicines and its
supply to patients is of the highest priority to companies and
governments globally.
Another issue biotech companies might face are delays in recruitment of
clinical trials in case hospitals would no longer make personnel available
to continue conducting them. Only in one company this seems to be a
minor issue and we don’t expect this be a widespread problem, given that
for many patients the disruption of a clinical trial could mean the
difference between life and death, and doctors are therefore very willing
to continue with the clinical trials as planned. There might be delays in
the start of new clinical studies in areas where the corona virus is going
to spread in an aggressive manner. But given clinical trials are typically
performed in many different hospitals and countries, this effect can be
largely mitigated.
We will continue to discuss potential threats and opportunities with the
management of portfolio companies.
Even in a recession the use of medicines is not impacted given they are
mostly paid for by health insurances.
More importantly, our portfolio companies have been selected because of
their highly innovative product pipeline and the fact that each of them is
going to announce major news related to one or more products within the
coming six months.
Although also biotech share prices have been hit hard, we think they will
be the ones to bounce back to normal levels first because of the noncyclical characteristics of our industry, as was the case after the market
correction in 2008. We see that in the midst of turmoil in the markets
interesting investment opportunities are arising, not only for the fund but
also from an M&A perspective to our portfolio companies. Fundamentals
for the biotech industry remain solid and its underlying value is
untouched.
Our portfolio companies are in a strong position to profit from a market
trend reversal as well as to benefit from the many upcoming value
inflecting events ahead of them.