Disposal

RNS Number:6652U
PPL Therapeutics PLC
27 January 2004
                       
Date:                   Immediate, Tuesday 27 January 2004


Contact:                Chris Greig, Chairman
                        Lindsay Dunsmuir, Chief Financial Officer
                        PPL Therapeutics plc
                        Telephone: [phone]

                        Alistair Mackinnon-Musson
                        Philip Dennis
                        Hudson Sandler
                        Telephone: [phone]
                        Email: [e-mail]


                          PPL Therapeutics plc ("PPL")



                          PPL Therapeutics plc ("PPL")

           Disposals of St Clements Wells Farm and Dolphinstone Farm



PPL announces that it has entered into an unconditional agreement to sell its
farm land and buildings at St Clements Wells Farm, Tranent, East Lothian ("St
Clements Wells Farm").  Furthermore, PPL announces that, on 28 November 2003, it
completed the sale of farm land and buildings at Dolphinstone Farm, Tranent,
East Lothian ("Dolphinstone Farm").  The aggregate proceeds received and
receivable by PPL in respect of these two disposals are #0.90 million.

St Clements Wells Farm has been operated as a farm unit initially to hold some
of PPL's animals in Scotland and latterly to grow crops to support those
animals.  The adjoining Dolphinstone Farm has been leased to a third party since
its acquisition.  These farms are no longer required by PPL and have been sold
in two lots to maximise the return for shareholders.

St Clements Wells Farm has been sold to a private individual for a cash
consideration of #0.66 million.  The proceeds will be received on 30 January
2004, the date of completion of the sale.  The net book value of St Clements
Wells as at 30 June 2003 was #0.56 million.  The sale of St Clements Wells Farm
will give rise to an estimated gain on disposal of #0.09 million.

Dolphinstone Farm was sold to Messrs Alexander Hastie & Sons on 28 November 2003
for a cash consideration of #0.24 million.  The net book value of Dolphinstone
Farm as at 30 June 2003 was #0.24 million.

The aggregate Research, Development and Administrative costs relating to St
Clements Wells Farm and Dolphinstone Farm for the six months ended 30 June 2003
was #0.03 million (#0.07 million in the year ended 31 December 2002).

The aggregate proceeds of #0.90 million less selling expenses from the two
disposals will be used to supplement PPL's existing cash resources with a view
to maximising short-term value for shareholders.

PPL will continue to provide further updates to shareholders at the appropriate
time.

                                    - ENDS -


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