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Biotech / Medical : Cambridge Antibody Technology Group

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To: Jongmans who started this subject	1/23/2003 3:35:09 AM
From: nigel bates	Read Replies (1) of 625

CAT pounces on Oxford biotech rival LONDON, Jan 23 (Reuters) - Britain's Cambridge Antibody Technology Plc (CAT) said on Thursday it would buy biotechnology rival Oxford GlycoSciences Plc (LSE: OGS.L - news) in an agreed all-share deal worth 110 million pounds ($177 million). The takeover, which takes advantage of Oxford Glyco's severely weakened share price, gives CAT greater scientific resources, the ability to cut costs and a big cash pile to pursue further deals. Oxford Glyco shareholders will get a 28 percent premium at 195.5 pence per share, based on Wednesday's closing price of 540 pence for the CAT shares they will receive. Oxford Glyco shares rose 18 percent to 180 pence in early trade on Thursday. CAT shares fell to 535p. CAT said it had letters of intent to accept the offer from the owners of 29 percent of Oxford Glyco's shares. Through the deal, CAT wins access to one of the biggest cash piles in the European biotech sector -- 176.6 million pounds -- and a business that completed a root and branch restructuring and job cuts programme last year after its share price fell more than 90 percent in less than three years. The enlarged group would have net cash of 260 million pounds and be able to save 10 million pounds a year. "The fact that Cambridge Antibody is getting Oxford Glyco for cheaper than the amount of cash that Oxford Glyco has in the bank is obviously going to be very beneficial for Cambridge Antibody," said one dealer. On an industrial level, the combination will boost CAT's research and development firepower by combining its human monoclonal antibody product development expertise with Oxford Glyco's oncology drug discovery capabilities. Cambridge is offering Oxford Glyco 0.362 of a new Cambridge share for every Oxford Glyco share held...

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