You can split the text into an array:
> str = 'sharemarket is a minnow by world standards, at just 2.5 per cent of the global sharemarket value. <br><br>One approach for local investors might be via an international share fund, with the fund manager'
=> "sharemarket is a minnow by world standards, at just 2.5 per cent of the global sharemarket value. <br><br>One approach for local investors might be via an international share fund, with the fund manager"
> rows = str.split('<br><br>')
=> ["sharemarket is a minnow by world standards, at just 2.5 per cent of the global sharemarket value. ", "One approach for local investors might be via an international share fund, with the fund manager"]
And then, write it to the pdf:
rows.each {|row| pdf.text row}