Cat allergy flop sinks high-profile UK biotech Circassia

(Reuters) - Circassia Pharmaceuticals lost more than half its value on Monday as its experimental cat allergy treatment failed in a late-stage trial, dealing a major blow to the high-profile British biotech company. Circassia listed on the London stock market in March 2014 in Britain's largest biotech flotation for decades and last year it expanded by buying two companies focused on asthma. Hopes for a cat allergy treatment have been central to its investment case, but its immunotherapy failed t