Dolly technology goes stateside
the end of a dreadful 2003 with the sale of its cloning technology
which created Dolly the sheep for just £760,000 (€1.1m).
Although it started 2003 with high hopes, PPL lost its only major commercial partner, Germany's Bayer, in June, and in September conceded that it would be unable to continue on its own.
All the intellectual property amassed during the company's efforts to develop a means of cloning animals for use in the production of biological agents, including protein-based drugs, has been sold to US rival Exeter Life Sciences. However, the latter firm is thought to be most interested in developing genetically-modified animals for food applications.
The deal is the latest instalment in a £2 million sell-off of assets at the firm, including its offices in Roslin and laboratory equipment.
A report in The Scotsman noted that PPL has some more intellectual property still to sell, but its only remaining tangible assets are two farms - one in Midlothian and one in New Zealand - and the lab equipment, which was left unsold following a recent public auction.
After buyers are found for the remaining assets, the company will cease to exist and all saved up cash will be distributed among shareholders. PPL is believed to have around £9.3 million in the bank.
