BB Biotech is a Swiss-listed investment company managed by Bellevue Asset Management, a specialist in healthcare and biotechnology investments. The company provides investors with focused access to the global biotechnology sector, aiming to deliver long-term capital growth by investing in innovative companies developing transformative therapies.
BB Biotech’s investment management team is led by Dr Christian Koch, an experienced portfolio manager who has been with Bellevue since 2014 and brings deep scientific, medical and investment expertise to the strategy.
1. BION has focused access to the global biotechnology sector, a structurally growing industry driven by medical innovation and unmet patient needs.
Biotechnology is one of the most innovative and fastest-evolving areas of healthcare. The sector addresses significant unmet medical needs through advances such as gene and RNA-based therapies, precision medicine and AI-supported drug discovery. These innovations have the potential to fundamentally change treatment standards and improve patient outcomes.
At the same time, global healthcare spending continues to rise, driven by ageing populations and increasing demand for novel therapies. Biotechnology, therefore, offers investors exposure to a structurally growing industry with substantial long-term growth potential and meaningful societal impact.
2. The company is a leading and experienced biotech investor with over three decades of sector expertise and a proven long-term track record.
BION is one of the largest and most established dedicated biotech investment companies, with a market capitalisation of approximately CHF2.6bn and a net asset value of around CHF2.9 bn, supported by a track record spanning more than 30 years. Over this period, the company has consistently identified and backed high-quality biotech innovators, including early investments such as Moderna prior to its IPO.
The investment process is supported by a multidisciplinary team, including data scientists who leverage AI and advanced analytics. Proprietary systems analyse large volumes of medical, scientific and corporate data across thousands of biotech companies worldwide. This enhances idea generation, risk monitoring and portfolio management and represents a clear competitive advantage relative to peers.
3. BION has a portfolio centred on high-quality, commercial-stage and late-stage biotechnology companies, supporting cash flow visibility and risk control.
The company invests in a concentrated portfolio of c 20–35 companies operating at the forefront of biotechnology. The portfolio is focused on commercial-stage and late-stage businesses with marketed products or advanced pipelines.
Around two-thirds of the portfolio is invested in larger companies with established revenues, providing cash flow visibility and risk control. The remaining portion is allocated to companies with high-quality late-stage development assets, offering additional growth potential. This balanced approach aims to combine innovation with disciplined risk management.
4. BION has an attractive long-term outlook for the biotech sector, supported by scientific progress, improving funding conditions and increased strategic activity.
The outlook for the biotechnology sector remains attractive. Lower interest rates have improved funding conditions and investor sentiment, while large pharmaceutical companies continue to seek external innovation to replenish their pipelines, supporting M&A activity across the sector.
BION’s portfolio is well positioned for this environment. Several holdings achieved important clinical, regulatory and commercial milestones in 2025, and the portfolio was involved in multiple significant M&A transactions during the year, highlighting the strategic relevance and quality of its underlying companies. In addition, the portfolio includes multiple companies with meaningful catalysts ahead. The manager believes these factors provide a strong foundation for attractive long-term returns in 2026 and beyond.
Published 11 March 2026
