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Biotech / Medical : Incyte (INCY) -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (1856)	12/19/2001 9:53:07 AM
From: tuck	Respond to of 3202

>>LONDON, Dec 19 (Reuters) - Cambridge Antibody Technology Plc announced two new drug discovery deals on Wednesday, securing access to new biological targets for its vast library of human antibodies. ADVERTISEMENT News of the deals with Incyte Genomics Inc (NasdaqNM:INCY - news) of the United and Australia's Amrad Corporation Ltd (Australia:AML.AX - news) lifted CAT's shares 3.1 percent to 18.20 pounds by 1310 GMT. The British biotechnology firm, which announced last month that its founder and chief executive would bow out as prepares to move into profit around 2006, is a world leader in the devolopment of monoclonal antibodies as drugs. The company has a cache of 100 billion distinct antibodies for testing against potential drug targets -- all of which can be stored in a clear liquid the size of a teardrop. CEO David Chiswell said the deal with Incyte would add ``a significant new source of genomics-derived targets to fuel CAT's drug development pipeline''. CAT already has another similar deal with rival U.S. genomics firm Human Genome Sciences Inc (NasdaqNM:HGSI - news) and says the Incyte tie-up is complementary. Analysts at Dresdner Kleinwort Wasserstein expect CAT to pay Incyte license fees of around $5 million, milestones of up to $10 million if an antibody drug is successfully developed, and royalties of 2-5 percent when products finally reach the market. CAT's deal with Amrad is a joint venture to develop a human antibody-based treatment targetting the GM-CSF receptor, thought to be important in triggering rheumatoid arthritis. Under the terms of the deal, the two companies will fund the development through to Phase II studies. Drugs have to pass Phase III trials before coming to market. CAT then has primary responsibility for further development and commercialisation of any treatments, while Amrad has the option to receieve milestone and royalty payments from CST, or to participate jointly in the further development and commercialisation.<< snip, emphasis mine Cheers, Tuck