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Nine lives?

Whether Circassia's allergy failure will have broad effects on U.K. biotech

Whether Circassia Pharmaceuticals plc's implosion will have a lasting effect on the U.K. biotech sector is going to be hard to tease out now that the Brexit has thrown London and the global markets into turmoil. But the last time a high-flying British therapeutics company blew up, it cast a pall on the sector that lasted for several years.

In addition, Circassia's 70% hosing knocks out yet another in a long line of companies that were or might have been cornerstones of the country's life sciences industry.

U.K. biotech's first brush with death came in 1998, when British Biotech plc almost single-handedly sank the sector. The failure of the company's two lead compounds, marimastat for cancer and Zacutex lexipafant for pancreatitis, as well as the resignations

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