From Celltech agm statement:
"...Celltech's acquisition of OGS, announced in February, continues to progress to plan. Celltech now controls nearly 90% of the issued share capital of OGS, and intends to initiate shortly a compulsory purchase process for the remaining outstanding shares. Celltech has already completed its initial evaluation of OGS' business, and integration plans are now fully formulated and underway. Celltech management are installed in key positions to direct the rapid integration of key elements of the business and the planned divestment programme. Celltech expects the integration to be largely complete by the end of September.
Celltech has identified a number of high quality programmes and personnel, particularly in the oncology area, which it plans to absorb into its own operations. Several assets, identified as non-core to Celltech's operations, will be divested. Overall, Celltech anticipates that the acquisition of OGS will be both cash-neutral and earnings neutral, as originally stated at the time of its offer.
Dr Goran Ando, Chief Executive Officer, commented:
'Celltech continues to make advances with its pipeline of innovative new treatments addressing large therapeutic opportunities. Whilst we were disappointed by the discontinuation of clinical studies with Merck's lead PDE-4 inhibitor compound, CDP 870 continues to progress well in late-phase development in collaboration with Pfizer, and we expect four exciting new products to enter clinical development during 2003.
In addition, we believe that our acquisition of OGS will add important new scientific capabilities to Celltech, and will substantially accelerate and complement our own emerging efforts in the field of oncology..." |
