Hardman & Co Research: Hitting the jackpot

Arix Bioscience (ARIX) is a listed global venture capital (VC) company that presents an opportunity for institutional and retail investors to participate in the high risk-return profile of early-stage biotech investing. ARIX minimises risk through a combination of an expert investment team and portfolio diversification. Along with its 2020 interim results, management provided the market with some aspirational targets for the next three years, which would see the NAV double to ca.£500m. News that Merck & Co is to acquire portfolio company, VelosBio, for $2.75bn cash, giving ARIX >12x return on its investment, will help to smash these targets.

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