HBM Healthcare Investments reported a nine-month profit of CHF 286 million, a sharp increase driven by a strong third quarter. The Swiss firm’s net asset value per share jumped 18% over the period, while its share price climbed 29.3%. The performance came despite significant currency headwinds, which the company said cost it CHF 180 million.

The Zug-based investment company attributed the gains to positive clinical data from portfolio companies like Terns Pharmaceuticals and Upstream Bio. HBM increased its stakes in several holdings and completed the sale of a majority stake in Swixx BioPharma. The combined Swixx investments have generated over CHF 340 million in value growth, marking HBM's most successful bet to date.

Private companies now represent 32% of HBM’s asset allocation. The firm made two new investments during the quarter: Dutch generic drug maker Synthon and San Francisco-based Electra Therapeutics. HBM noted that the biotech market environment has improved, anticipating more merger activity and a selective return to IPOs.