Offer Update
24 March 2003 - 6:03PM
UK Regulatory
RNS Number:0890J
Cambridge Antibody Tech Group PLC
24 March 2003
03/CAT/10
For further information contact:
Cambridge Antibody Technology Weber Shandwick Square Mile (Europe)
Tel: +44 (0) 1223 471 471 Tel: +44 (0) 20 7067 0700
Peter Chambre, Chief Executive Officer Graham Herring
John Aston, Chief Financial Officer
Rowena Gardner, Director of Corporate Communications
BMC Communications/The Trout Group (USA)
Tel: 001 212 477 9007
Brad Miles, ext 17 (media)
Brandon Lewis, ext.15 (investors)
CAT's Offer for OGS
Cambridge, UK... Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) notes
the recent press reports that Celltech (LSE: CCH; NYSE: CLL) has acquired
approximately 10 per cent. of the outstanding share capital of Oxford
GlycoSciences (LSE: OGS; NASDAQ: OGSI).
CAT reminds OGS shareholders that the proposed merger of CAT and OGS would be
effected by way of a scheme of arrangement that would require approval by a
majority in number of the shareholders who vote at the court convened meeting
representing 75 per cent. of the shares voted at that meeting. As a result, the
proposed merger of CAT and OGS can be achieved notwithstanding Celltech's recent
acquisition of OGS shares.
ENDS -
Notes to Editors
Cambridge Antibody Technology (CAT):
* CAT is a UK-based biotechnology company using its proprietary technologies
and capabilities in human monoclonal antibodies for drug discovery and drug
development. Based near Cambridge, England, CAT currently employs around 290
people.
* CAT is a leader in the discovery and development of human therapeutic
antibodies and has an advanced proprietary platform technology for rapidly
isolating human monoclonal antibodies using phage display systems. CAT has
extensive phage antibody libraries, currently incorporating more than 100
billion distinct antibodies. These libraries form the basis for the
Company's strategy to develop a portfolio of antibody-based drugs.
* HumiraTM is the leading CAT-derived antibody. Six other CAT-derived human
therapeutic antibodies are at various stages of clinical trials.
* CAT has alliances with a large number of pharmaceutical and biotechnology
companies to discover, develop and commercialise human monoclonal
antibody-based products. CAT has also licensed its proprietary human phage
antibody libraries to several companies for target validation and drug
discovery. CAT's collaborators include: Abbott, Amgen, Amrad, Chugai, Elan,
Genzyme, Human Genome Sciences, Merck & Co, Pharmacia and Wyeth Research.
* CAT is listed on the London Stock Exchange and on NASDAQ since June 2001.
CAT raised #41m in its IPO in March 1997 and #93m in a secondary offering in
March 2000.
Application of the Safe Harbor of the Private Securities Litigation Reform
Act of 1995:
This press release contains statements about Cambridge Antibody Technology
Group plc ("CAT") that are forward looking statements. All statements other
than statements of historical facts included in this press release may be
forward looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. These forward looking statements are based
on numerous assumptions regarding CAT's present and future business
strategies and the environment in which CAT will operate in the future.
Certain factors that could cause CAT's actual results, performance or
achievements to differ materially from those in the forward looking
statements include: market conditions, CAT's ability to enter into and
maintain collaborative arrangements, success of product candidates in
clinical trials, regulatory developments and competition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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