Rothschild's exit

OXFORD - Rothschild Asset Management has decided to pull out of biotech investing, pulling the rug from under the proposed merger of Biotechnology Investments Ltd. (LSE:BIL) and the International Biotechnology Trust (LSE:IBT).

IBT Chairman Jock Green-Armytage told BioCentury that the IBT board is close to announcing the new manager of the trust, which focuses its investments on late stage and publicly traded companies. To ensure continuity, Green-Armytage said,the new manager will take on and absorb key players in the former Rothschild Bioscience Unit, including RBU Head Jeremy Curnock Cook...