(OT) Actually, I like Protherics a lot. Cap. is around £35m, and they forecast £14m revenue this year. A very solid hold on their niche products, and a possible monster if either the sepsis or angiotensin programmes go anywhere.
Back on topic, a bit more comment -
OGS shares rise as Celltech considers bid
By Patrick Jenkins FT.com, 10:10 GMT Feb 18, 2003
Shares in Oxford GlycoSciences rose nearly 7 per cent on Monday on news that Celltech was considering a takeover bid for the biotech group to rival an offer submitted by Cambridge Antibody Technology last month.
Göran Ando, the Pharmacia research and development boss who will be announced as Celltech's chief executive next month, has spent the past few weeks with his chairman designate, Peter Fellner, hatching a takeover bid for OGS.
In mid morning trade OGS shares were up 11-1/2p, or 7 per cent, at 183-1/2p. Celltech shares were down 1-1/4p at 330p.
Celltech, advised by Cazenove, is planning an all-cash bid for OGS to rival the all-share offer submitted last month by CAT. That deal was worth £110m ($176m) at the time, but by Friday's close its value had fallen to £102m.
Any offer from Celltech would likely to be at a slight premium to CAT's bid, people familiar with the situation said. Talks between Celltech and OGS are understood to have reached an advanced stage. However, there was only a 50-50 likelihood of a bid being made.
Analysts believe there is little scientific or commercial sense in Celltech tabling a bid. CAT's primary motivation was to secure cheap access to OGS's £137m cash pile. But Celltech does not need cash and the strength of OGS's patents has been weakened by liberalised regulation.
Other companies, including Mederex, the US antibody specialist with which OGS already collaborates, are also understood to be looking at counter-offers.
Any bidders will need to make a decision on whether to proceed before CAT and OGS hold extraordinary shareholder meetings on their deal on March 11.
For Mr Ando, securing a significant acquisition as he takes over the reins at Celltech could be a powerful riposte to his critics, who say he does not have the skills or experience to head Britain's biggest biotechnology group.
One person close to the board said: "Göran hasn't signed an agreement yet because he hasn't officially left Pharmacia. He's still speaking to the remuneration committee."
The Financial Times reported three months ago that Mr Ando was the favourite to take the Celltech helm.
Celltech would not comment. Mr Ando has had close relations with Celltech since the US-Swedish group licensed the rights to Celltech's lead product, an arthritis treatment called CDP-870, in one of the biggest biotechnology deals. |
