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Biotech / Medical : Cambridge Antibody Technology Group

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To: rkrw who wrote (602)	5/15/2006 8:00:19 AM
From: nigel bates	of 625

Thanks ! (edit) Guess we'll find out what '1008 is worth to GENZ... CAT takeover gives Genzyme buyout rights to drug Mon May 15, 2006 7:53 AM ET LONDON, May 15 (Reuters) - AstraZeneca's agreed takeover of Cambridge Antibody Technology will trigger a change of control clause that gives Genzyme the option to buy out rights to a jointly developed experimental lung drug. CAT is currently collaborating with the U.S. biotech firm on the clinical development of GC-1008 for idiopathic pulmonary fibrosis, a chronic lung inflammation associated with progressive scarring of the lungs. But AstraZeneca's acquisition of CAT, in a deal valuing it at 702 million pounds ($1.3 billion), means Genzyme will have the option to take full control of the product, CAT Chief Financial Officer John Aston told reporters. Industry analysts at Canaccord Adams estimate GC-1008 could eventually have peak sales of $550 million, although the drug has only reached the first stage of clinical development. U.S.-based Genzyme also holds an 8.6 percent stake in CAT resulting from its collaboration with the British firm...

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