The Scottish biotechnology company that helped clone Dolly the sheep has seen its share price tumble after saying it is almost certain to go into voluntary liquidation.
PPL Therapeutics said today non-executive directors had failed to win the support of a key shareholder for a proposed scheme to buy back shares that would have delisted the company and placed it under the ownership of executive directors.
The non-executive directors said they were not in talks with any other party over the sale of PPL, which was the first to announce it had cloned pigs capable of providing organs for humans.
"It is therefore almost certain that the group will be put into a members' voluntary liquidation," PPL said in a statement.
By 10:15 a.m., shares in PPL had fallen seven per cent to 4.9 pence, making it one of the biggest losers on the London market.