Woodford pain continues as report suggests deal to sell private biotech stakes falls through

Private biotech companies held by funds formerly managed by Neil Woodford haven’t rid themselves of the debacle that led to the star British investor’s demise. According to a report in The Times that did not cite its source, a deal fell through to sell the illiquid equity stakes of Woodford’s flagship fund. PJT Partners, which is managing the asset sale, declined to comment.

Woodford shuttered the Woodford Investment Management firm on Oct. 15 after he was terminated as fund manager of flagship fund Woodford Equity Income Fund (WEIF) and his other largest fund and resigned from a third. The firm’s closure marked an end to a five-year run that started with exuberance at the prospect of a big name fund manager pouring billions of pounds into U.K. life sciences (see “Woodford’s Empire Crumbles. U.K. Biotech Stays Standing”)...