Trusting in M&A

International Biotechnology Trust plc (LSE:IBT) has been particularly successful riding the recent wave of biotech M&A. Last month's proposed deals for specialty pharma EUSA Pharma Inc. and gout play Ardea Biosciences Inc. (NASDAQ:RDEA) would give IBT nine M&A exits since the start of 2011.

AstraZeneca plc (LSE:AZN; NYSE:AZN) will acquire Ardea for about $1.3 billion, while Jazz Pharmaceuticals plc (NASDAQ:JAZZ) plans to buy EUSA for $650 million in cash (see Cover Story). ...