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Biotech / Medical : Oxford GlycoSciences Plc -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (425)	3/26/2003 3:11:18 AM
From: nigel bates	Read Replies (1) \| Respond to of 469

LONDON, March 26 (Reuters) - Oxford GlycoSciences Plc said on Wednesday it was in talks with a further three potential bidders, throwing open the fight for control of the British biotechnology business. OGS has already received rival bids from Cambridge Antibody Technology Plc (London:CAT.L - News) and Celltech Group Plc (London:CCH.L - News) in the first bid battle in the 20-year history of the British biotech sector. Now an international pharmaceutical company, a U.S.-based biotechnology company and a European private equity house have also entered the frame, the Oxford-based group said in a statement. As a result, OGS said shareholders should take no action in relation to Celltech's 101.4 million pound ($160 million) cash offer, which has a first closing date for acceptance of March 31. "We have previously promised our shareholders that we will seek the best value that we can for them and in doing so are seeking to have discussions with all interested parties," said Chief Executive David Ebsworth in a statement. "We have made progress, confirmed by today's announcement that each of these three interested parties have entered into a non-disclosure agreement with OGS." Meanwhile, CAT, which kicked off the battle with an all-share offer that was initially backed by OGS management, suffered a setback with news that royalties from the first drug produced using its technology might not meet market expectations. The company announced that its partner, Abbott Laboratories Inc (NYSE:ABT - News), wanted to offset royalties due to third parties against royalties due to CAT. CAT said its view was that such offset provisions were not applicable but warned that if Abbott went ahead with the plan then net royalties from the arthritis drug Humira could fall short of what had been anticipated.