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Biotech / Medical : Celltech Group (NYSE: CLL) -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (90)	11/12/2003 4:45:02 AM
From: nigel bates	Read Replies (1) \| Respond to of 123

Marconi Corporation Sells JV Stake To Celltech Unit Wednesday November 12, 3:06 am ET Edited Press Release LONDON -(Dow Jones)- Marconi Corporation said Wednesday that it has sold its 50% interest in Confirmant Limited for over GBP4 million in cash to Oxford GlycoSciences, a wholly owned subsidiary of Celltech Group plc (NYSE:CLL - News). Confirmant is a joint venture set up by Marconi and Oxford GlycoSciences in June 2001. The purchase price represents an apportionment of Confirmant's available cash resources between Marconi and Oxford GlycoSciences. Marconi will pay the gross cash proceeds into the Mandatory Redemption Escrow Account and the cash will be used, in due course, to fund a further partial redemption of the Group's Junior Notes. Mike Parton, chief executive, said: "In addition to the cash proceeds we will receive for disposing of our interest in what is a non-core joint venture, we eliminate an annual non-cash loss to the Group of some GBP5 million."