Innovation in the medical field has strongly accelerated in the last century and we see it continuing at an even higher pace going forward. In this technology showcase we will highlight one of the most advanced of such technologies, RNA therapeutics. We will describe the rationale behind this technology, as well as its strength and weaknesses compared to traditional medicines and other novel approaches.

Our portfolio companies delivered a series of value creating events, such as improved financials, approval of new products, profitable licensing deals and superior clinical study data. Despite these positive developments during Q1, our NAV ended the quarter at -3% due to stock markets being unfavorable for the biotech sector as a whole.

After operating under the name Aescap 2.0 for almost 5 years, we feel our new name better represents our investment focus and the impact our companies have on the life of patients in need.

Also for Aescap 2.0, 2020 was a roller coaster year. The fund was at an all-time high mid-February with a net performance of +5% for the year, after which it went down to -31% in mid-March, to then end the year at -3%.

Just after we sent out our Q3 newsletter, we received the news from our portfolio company Myokardia that it will be acquired by big pharma player Bristol Myers Squibb for $13.1 billion in cash. This offer of $225 per share represents a 61% premium from the closing share price last Friday.