Shareholder wants IBT break-up

Millennium Partners has called for International Biotechnology Trust to be wound up and assets returned to shareholders. Millennium (New York, N.Y.), a 10 percent shareholder, has called for an Extraordinary General Meeting to vote on winding up the 248 million ($369.3 million) fund and is asking for the resignations of IBT CEO Jeremy Curnock Cook, chairman John Green-Armytage, and deputy chairman Donald Cecil.

Millennium's call has cleared the smoke on the worst kept secret in London: that plans to merge Rothschild Bioscience Unit (RBU), which manages IBT, with Merlin Ventures, announced in April 1999, have been called off (see BioCentury April 12, 1999). ...