Sale of up to 19 Woodford stakes chips away at firm’s remaining portfolio

Backers of a fund formerly managed by fallen star investor Neil Woodford are finally getting another chunk of their money back, albeit for pence on the pound.

Link Fund Solutions Ltd. announced Friday that it reached a deal to sell a “significant portion” of the fund’s assets to Irvine, California-based investor Acacia Research Corp. (NASDAQ:ACTG) for up to £223.9 million ($278.1 million). The news is welcome relief for numerous biotechs; in February, a deal said to be close to completion fell through (see “Woodford Pain Continues”)...