DOLLY the sheep firm PPL Therapeutics caved in to pressure from hedge funds and put itself up for sale, the latest example of a British scientific breakthrough ending up a disappointment.<\/p>\n
Value investor and 21pc stakeholder Metage Capital was one of several funds demanding a return from PPL, under pressure since it failed to make a commercial success of the science that created Dolly. It abandoned the technology in April.<\/p>\n
Having scrapped a joint venture with German giant Bayer, investors were not convinced by its one remaining development programme, a surgical glue that stops bleeding.<\/p>\n
As pretax losses for the half-year widened to 13.5m from 6.4m, chief executive Geoff Cook and four fellow directors quit the board.<\/p>\n
They will leave PPL ‘in due course’.<\/p>\n
The sale, managed by KPMG, will raise a tiny fraction of PPL’s former 100m worth. The shares closed up 0.13p at 5.25p, valuing PPL at just 6m.<\/p>\n","protected":false},"excerpt":{"rendered":"
DOLLY the sheep firm PPL Therapeutics caved in to pressure from hedge funds and put itself up for sale, the latest example of a British scientific breakthrough ending up a disappointment. Value investor and 21pc stakeholder Metage Capital was one […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1097","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1097"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1097\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}