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Biotech / Medical : Small Cap Foreign Biotech

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To: RWReeves who started this subject	2/19/2001 3:18:03 AM
From: nigel bates	Read Replies (1) of 363

LONDON, Feb 19 (Reuters) - British vaccine specialist Cantab Pharmaceuticals Plc (LSE: CTB.L - news) and Xenova Group Plc (LSE: XEN.L - news) said on Moday they were merging to form a company valued at 123.7 million pounds. Xenova, which develops small molecule drugs, said the merger would be achieved through a recommended all share offer for the issued share capital of Cantab, on the basis of 11 new Xenova shares for every seven Cantab shares. The merger offer values each Cantab share at around 120 pence and its entire issued share capital at 62.1 million pounds. Cantab also posted a year net loss of 3.9 million pounds, reduced from last year's 8.7 million loss.

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