By Andrea Figueras
BB Biotech on Friday reported a narrowed after-tax loss for the second quarter as it booked sharply reduced losses from investments, and said it will delist its shares from the Milan Stock Exchange.
The Swiss biotechnology investor narrowed its after-tax loss for the quarter to 13.5 million Swiss francs ($15.5 million) compared with CHF233.1 million in the year-earlier period. The company booked net losses from securities of CHF3.1 million compared with CHF22.2 million a year before.
Net asset value as of June 30 was CHF2.26 billion, down from CHF2.69 billion a year before.
BB Biotech said recent takeover activity in the biotech industry hasn't boosted its investment performance so far in 2023, but it expects to participate in future mergers and acquisitions.
Given low trading volumes, the company will delist its shares from the Milan stock exchange, subject to the approval by Italian regulators. It will remain listed on the SIX Swiss Exchange and the Frankfurt Stock Exchange.
Write to Andrea Figueras at andrea.figueras@wsj.com
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July 21, 2023 at 04:44PM
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