Biotechnology companies tend to come in two types: those like Glaxosmithkline and Astrazeneca that offer investors a good and reliable income, and those that pay no dividends but are attractive prospects for that blockbuster drug that might, or might not, get through the regulatory process.
So International Biotechnology Trust might be seen to offer a third way of investing in the sector — taking positions in medium-sized pharmaceutical companies and, since the start of this year, offering a dividend income. The trust does not own shares in Glaxosmithkline or Astrazeneca, which might seem odd, but its rationale is to buy into companies that offer, relatively speaking, a lower risk than some in the sector.
Astra is heading for a transformational year in which some of