Spanish Investment Fund Established For Pharmaceuticals

8 June 1997

Gescapital of Spain has launched Pharmafund FIM for investment inpharmaceutical and biotechnology stocks arond the world, reports the Spanish daily, Cinco Dias. The fund has been established to provide Spanish investors with access to a sector that has previously not been directly accessible, according to Gescapital, which noted that the sector's profits have grown at over 15% during the past five years.

Pharmafund's portfolio consists of global pharmaceutical and biotechnology companies representing 80% of total investment, and the remainder will be made up of currencies, among other things.

Investments on the New York Stock Exchange will include Bristol-Myers Squibb, Johnson & Johnson, Eli Lilly, Merck & Co, Pfizer, and Warner-Lambert. Pharmafund will also invest in two biotechnology stocks quoted on the Nasdaq: SangStat and Gilead Sciences.

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