Biotech Growth

What Biotech Growth does

The Biotech Growth Trust PLC (LON:BIOG) is a UK-listed investment trust incorporated in England and Wales that seeks capital appreciation through investment in a diversified portfolio of shares and related securities in biotechnology companies on a worldwide basis. The trust is managed by OrbiMed Capital LLC, with Geoff Hsu and Josh Golomb serving as Portfolio Managers applying a bottom-up process combining scientific, clinical and financial analysis; Frostrow Capital LLP acts as the Alternative Investment Fund Manager (AIFM) and handles company secretarial, marketing and administrative services. Portfolio construction covers US, Europe and China and spans modalities including RNA, cell therapy, gene therapy and antibody-drug conjugates across multiple company stages and therapeutic areas.

The trust's economic engine is capital appreciation rather than recurring revenue; the Board intends only to pay dividends to the extent required to retain investment trust status, and no dividend has been paid since formation. NAV per share stood at 1,414.6p at 31 March 2026 (FY2025: 815.9p), with shareholders' funds of £281.9m, an ongoing charges ratio of 1.2% and 7.3% gearing. The product is delivered as a single listed instrument tradable on the London Stock Exchange under ticker BIOG, accessible via any stock broker, and is structured to be recommended by independent financial advisers (IFAs) to retail private investors because the shares fall outside FCA non-mainstream investment product restrictions.

Distribution relies on Frostrow-led investor communications (monthly factsheets, RNS email alerts, webinars, AGM presentations, podcast and media appearances) rather than direct sales; institutional and retail investors acquire exposure entirely through public-market trading. Eight portfolio M&A exits in FY2026, including the AtaiBeckley position acquired by Eli Lilly for approximately USD2.8bn (1.1% of NAV), illustrate how exits rather than operating revenue drive the trust's returns.

Name

Biotech Growth

Legal name

The Biotech Growth Trust PLC

Website

https://biotechgt.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

The Biotech Growth Trust PLC (LON:BIOG) is a London-listed investment trust managed by OrbiMed that seeks capital appreciation by investing in a diversified global portfolio of biotechnology equities across the US, Europe and China.

Ownership category

akta.pro rank

Product category

Biotechnology Investment Trust

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

Keywords

• Biotechnology investment trust
• Closed-end fund
• Life sciences equities
• Capital appreciation fund
• Healthcare growth stocks

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Capital appreciation: Investment trust seeking capital appreciation through worldwide biotechnology industry investments. The trust invests in a diversified portfolio of shares and related securities. Returns generated through portfolio value growth and successful exits (M&A). Dividend policy: only pays dividends to maintain investment trust status; has not paid a dividend since formation.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Biotech Growth Trust PLC is a London-listed closed-end investment trust that invests in quoted biotechnology companies worldwide, seeking capital appreciation over a long-term horizon (typically five years or more) and not paying dividends. The portfolio is managed by specialist healthcare investor OrbiMed Capital LLC, with Frostrow Capital LLP acting as Alternative Investment Fund Manager responsible for governance, risk management, marketing, and administration.

Product overview

The Biotech Growth Trust (BIOG) is a single investment trust vehicle that seeks capital appreciation through investment in the worldwide biotechnology industry. The trust is managed by OrbiMed and invests in a diversified portfolio of shares and related securities in biotechnology companies on a worldwide basis. The portfolio covers technologies including RNA, cell therapy, gene therapy, and antibody-drug conjugates across various company stages and therapeutic areas. The trust is structured as a single product offering investors exposure to global biotech innovation, rather than a platform with multiple modules or distinct products.

Differentiator

Problem solved

Functional benefit

Products and services

• Biotech Growth Trust PLC (LON:BIOG) Publicly traded closed-end investment trust that invests in quoted biotechnology companies globally, seeking long-term capital appreciation (no dividend) for shareholders who buy shares on the London Stock Exchange. The portfolio is actively managed by OrbiMed Capital LLC and administered by Frostrow Capital LLP.

Quantifiable outcome

• 73.4% NAV total return for year to 31 March 2026
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators14 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• International Biotechnology Trust: UK-listed investment trust also investing in global biotechnology equities. Closest direct peer to BIOG with a similar mandate, single-product structure, and LSE listing targeting investors seeking biotech exposure.
• Syncona Limited: UK-listed life sciences investment company. Comparable in being a UK-listed vehicle providing investors biotech/life sciences exposure, though Syncona focuses on founding and building companies rather than public-equity investing.
• HBM Healthcare Investments: Swiss-listed investment company focused on private and public healthcare/biotech companies. Comparable investment focus (global biotech) though with greater private-company exposure than BIOG.
• Arix Bioscience: UK-listed bioscience investment company focused on building and financing breakthrough biotech companies. Comparable as a UK-listed biotech investment vehicle, though more development-stage focused than BIOG.
• BB Biotech AG: Swiss-listed investment company investing in global biotechnology equities. Highly comparable in mandate (biotech-focused, global), with a longer performance history and a similarly high-conviction active share approach.
• Worldwide Healthcare Trust: UK-listed investment trust focused on global healthcare and biotechnology equities. Directly comparable in mandate, structure, and distribution model to BIOG, and the other main UK-listed pure-play biotech investment trust competing for the same investor base.

Emerging players

• Polar Capital Biotechnology Fund: Open-ended fund investing in global biotechnology equities. Comparable investment focus and global biotech mandate, but structured as a mutual fund (OEIC) rather than an investment trust - competing for similar investor demand with different fee and trading characteristics.
• Allianz Global Investors Biotechnology Fund: Open-ended mutual fund investing in global biotechnology equities. Comparable investment universe and biotech focus, but offered through a broader asset manager's platform rather than as a specialist investment trust.

Others

• OrbiMed Capital LLC: BIOG's underlying portfolio manager and a global healthcare-dedicated investment firm. Comparable as the originator of BIOG's investment process and a parallel manager of multiple private and public biotech strategies with overlapping deal flow.

Broad incumbents

• Fidelity MSCI Healthcare Index ETF: Broad healthcare index ETF providing low-cost passive exposure to healthcare equities. Comparable in addressing investor demand for healthcare/biotech exposure, but as a passive, low-fee product rather than an actively managed specialist trust.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/biotechgt
• LinkedInlinkedin.com/company/the-biotech-growth-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Biotech Growth