International Biotechnology Trust (IBT ) says there has been ’a material adjustment’ to the valuation of one of its unquoted investments that will add 7p to its net asset value (NAV) per share today.

This morning’s statement does not disclose which investment has been marked up by £2.9m ($3.6m) but the gain will take its NAV including income to 742.2p per share from 735.2p at Tuesday’s close.

With the shares easing 3p to 710.9p, that slightly widens the trust’s discount to 4%.

IBT invests only 10% of its assets in unquoted companies in a sub-portfolio overseen by Kate Bingham, the managing partner at SV Health Managers who shot to prominence in the pandemic as head of the government’s vaccines taskforce.

Most of this investment is in SV Fund VI, which invests in unlisted companies in biotechnology, healthcare, information technology and medical devices. IBT invested $30m in the fund in 2016.

The rest of the portfolio of quoted companies is run by SV Health’s Ailsa Craig and Marek Poszepczynski.

IBT shares have gained 11% in the past three months, helped in part by Amgen’s $28bn acquisition of Horizon Therapeutics.

Over three years, the 4%-yielder has returned 38%, ahead of the 33% from the Nasdaq Biotechnology index.