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Biotech / Medical : Oxford GlycoSciences Plc
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To: nigel bates who wrote (418)3/25/2003 2:56:12 PM
From: keokalani'nui   of 469
 
Bid target Oxford Glyco reports drug progress
Tuesday March 25, 10:56 am ET

LONDON, March 25 (Reuters) - Bid target Oxford GlycoSciences Plc (London:OGS.L - News) said on Tuesday it had made progress on two fronts in its drug development programmes.

Chief Executive David Ebsworth said the successful refiling of its lead product, Zavesca, with the U.S. and Food and Drug Administration (News - Websites), and the achievement of three R&D milestones with U.S. partner Medarex Inc (NasdaqNM:MEDX - News), showed OGS was "building shareholder value".

Zavesca treats type 1 Gaucher disease, a condition most prevalent among Ashkenazi Jews where the body struggles to break down fat.

This is a crunch week in the first bid battle in Britain's 20-year-old biotech sector, with the first closing date for acceptance by OGS shareholders of a 101.4 million pounds ($160 million) cash offer from Celltech Group Plc (London:CCH.L - News) looming on March 31.

Rival bidder Cambridge Antibody Technology Plc (London:CAT.L - News) is considering raising its all-share bid and adding a cash element, despite Celltech's recent purchase of a 10.5 percent stake in OGS, according to industry sources.

Fund manager Invesco confirmed on Tuesday that it had sold the stake to Celltech.
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