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…