TD Asset Management Inc. today announced plans to terminate the TD Global Biotechnology Fund and withdraw its proposal to merge the fund with the TD Health Sciences Fund.

As a result, the meeting of unitholders of the TD Global Biotechnology Fund that was to be held August 15 has been cancelled. The proposed merger of the TD Global Biotechnology RSP Fund with the TD Health Sciences RSP Fund is unaffected by this announcement.

TDAM says that after careful review of the market environment, it has determined that it is in the best interests of the unitholders that the merger plans be withdrawn. The decision to terminate the TD Global Biotechnology Fund is based on the fact that the fund’s fixed costs are being shared by a relatively small number of unitholders.

Effective immediately, the TD Global Biotechnology Fund will cease distribution of its units and will be terminated on November 22. Unitholders may redeem or switch their holdings in the fund until the termination date. All sales charges and fees (including redemption fees) associated with the termination of the fund will be borne by TDAM.

“The continued unsettled market conditions necessitated a further review of our reorganization proposals,” said Steve Geist, president of TD Mutual Funds, in a news release.