BusinessBusiness RecoveryPotential saviour steps in for sheep cloning firm

Potential saviour steps in for sheep cloning firm

The Edinburgh-based biotechnology business that helped clone Dolly the Sheep has received a mystery third party bid approach that could save it from liquidation.

PPL Therapeutics said last week it was close to winding itself up but it has announced on its website that it is ‘involved in preliminary discussions with a third-party that may or may not lead to an offer being made for the company’. It was revealed ten days ago that PPL would be ‘almost certain to enter a members’ voluntary liquidation’ after a key shareholder scuppered a management buyout, reportedly worth 5.5p a share. ‘These discussions, which are at an early stage, are subject, amongst other things, to due diligence and it is buy no means certain that any proposal will ensue. The Board, which is being advised by KPMG Corporate Finance, will make a further announcement when appropriate,’ PPL said. Dolly became the first successfully cloned adult mammal in 1997, but the euphoria of the achievement was short lived; the sheep died just six years later.

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