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Biotech / Medical : Cambridge Antibody Technology Group

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To: nigel bates who wrote (592)	1/25/2006 3:43:38 PM
From: A.J. Mullen	Read Replies (1) of 625

Cambridge Antibody Drug Now Blockbuster [Headlines like this I like. Ashley] Wednesday January 25, 12:42 pm ET Cambridge Antibody Technology Group Says Arthritis Drug It Developed Achieves Blockbuster Status NEW YORK (AP) -- Cambridge Antibody Technology Group PLC acknowledged Wednesday that the arthritis drug it developed has finally achieved blockbuster status in excess of previous estimates. The Cambridge, England-based biotech company noted that Abbott Laboratories reported worldwide Humira sales of $1.4 billion, above the estimated $1.3 billion in sales. A blockbuster drug is one that has annual sales in excess of $1 billion. Humira is Cambridge's first marketed product. The company receives royalties of about 2.7 percent of Abbott's worldwide Humira sales. Abbott reported today that its 2005 revenue rose 14 percent to $22.34 billion from a year ago. Cambridge Antibody also recognized that Abbott forecasts worldwide Humira sales of $1.9 billion in 2006. The two companies reached a settlement in October over Humira royalty rates. Abbott agreed to pay Cambridge more than $300 million, but reduced the royalty rate to the present one from 5.1 percent. Cambridge American depositary shares rose 37 cents, or 3.2 percent, to $11.98 in midday trading on the Nasdaq. Abbott shares added $2.58, or 6.4 percent, to $42.64 on the New York Stock Exchange.

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