RNS Number:1497J
Acambis PLC
25 March 2003

Final instalment of Baxter subscription agreement



Cambridge, UK and Cambridge, Massachusetts - 25 March 2003 - Acambis plc
("Acambis") (LSE: ACM, NASDAQ: ACAM) announces that, pursuant to the
subscription agreement between Baxter International, Inc. ("Baxter") and Acambis
dated 19 September 2000, the fourth and final instalment of the subscription by
Baxter for new Acambis ordinary shares has taken place.

The subscription agreement provides for Baxter to make four subscriptions
totalling #27.8 million at fixed prices between the years 2000 and 2003.

The fourth instalment of approximately #7.0 million at the pre-agreed price of
150p per share represents 4,636,391 new Acambis shares. Application has been
made to the UK Listing Authority of the Financial Services Authority and the
London Stock Exchange for the listing of 4,636,391 ordinary shares of 10p each
fully paid, ranking pari passu with the existing ordinary shares, to the
Official List.

Following this fourth instalment, Baxter's shareholding will increase to
21,349,994 shares, representing 20.6% of Acambis' enlarged issued share capital
of 103,738,249 shares.



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Enquiries:

Acambis plc

Lyndsay Wright, Director of Communications             Tel: +44 (0) 1223 275 300

Notes to editors:

Acambis is a leading developer of vaccines to prevent and treat infectious
diseases. Recognised internationally as the leading producer of smallpox
vaccines, Acambis provides governments around the world with the full portfolio
of related smallpox vaccine products required to protect their citizens against
the threat of smallpox virus being used as a bioterrorist weapon. Acambis is
establishing a travel vaccines franchise, including vaccines against yellow
fever, Japanese encephalitis, dengue fever and typhoid. Acambis also has the
most advanced vaccine in development targeting the West Nile virus, which has
spread to over 40 US States in the last three years.

Acambis is based in Cambridge, UK and Cambridge, Massachusetts, US. Its primary
listing is on the London Stock Exchange (ACM) and its shares are listed in the
form of American Depositary Receipts on Nasdaq (ACAM). More information is
available at www.acambis.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:

The statements in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties, including the
timing and results of clinical trials and other product development and
commercialisation risks, the risks of satisfying the regulatory approval process
in a timely manner, the need for and the availability of additional capital. For
a discussion of these and other risks and uncertainties see "Risk factors" in
the Company's Annual Report and Form 20-F for the most recently ended fiscal
year, in addition to those detailed in the Company's filings made with the
Securities and Exchange Commission from time to time. These forward-looking
statements are based on estimates and assumptions made by the management of
Acambis and are believed to be reasonable, though are inherently uncertain and
difficult to predict. Actual results or experience could differ materially from
the forward-looking statements.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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