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Biotech / Medical : Cambridge Antibody Technology Group -- Ignore unavailable to you. Want to Upgrade?

To: keokalani'nui who wrote (346)	3/26/2003 3:18:22 AM
From: nigel bates	Respond to of 625

Looks as though the CAT bid for OGS is dead, judging by the initial market reaction to this Cambridge Antibody Technology - Humira(TM) Royalties CAMBRIDGE, England, March 26 /PRNewswire-FirstCall/ -- As announced earlier this year, Abbott Laboratories received FDA approval to market Humira(TM) earlier than expected on December 31, 2002. Humira was isolated and optimized by Cambridge Antibody Technology (Nasdaq: CATG - News; LSE: CAT - News) in collaboration with Abbott, and CAT will receive a royalty fee based on Humira sales. CAT's entitlement to royalties in relation to sales of Humira is governed by an agreement dated April 1, 1995 between Cambridge Antibody Technology Limited and Knoll Aktiengesellschaft (now a subsidiary of Abbott Laboratories). The agreement allows for offset, in certain circumstances, of royalties due to third parties against royalties due to CAT, subject to a minimum royalty level. Abbott has indicated to CAT that it wishes to initiate discussions regarding the applicability of these royalty offset provisions for Humira. CAT's view is that these offset provisions do not apply; however this view has not been confirmed by Abbott. The proposed discussions with Abbott could lead to a range of possible outcomes. However if the royalty offset provisions were to apply this could result in a reduction in net royalties from Humira receivable by CAT compared with market expectations...