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

To: nigel bates who wrote (450)	4/11/2003 4:27:46 AM
From: nigel bates	Respond to of 469

From FT Investor. "Dig into their own pockets" - unthinkable... The first bid battle within the biotechnology industry has collapsed with the abandonment of plans by Sir Christopher Evans and Alan Goodman to make an offer for Oxford GlycoSciences (LSE: OGS.L - news) . The two biotech entrepreneurs have found that the company's liabilities are far greater than they had realised. Someone close to Sir Christopher and Mr Goodman said that, after conducting due diligence, the pair found they would have had to "dig into their own pockets" to get their offer through because of the cash the company was burning while rival bidders were fighting. The two had announced last week they were planning a £107m-£112m offer for OGS to counter last month's bid from Celltech . In early trading, shares in OGS were down 7.4 per cent at 182.5p.