Printer Friendly

Cambridge Antibody to merge with Oxford Glycosciences.

The Boards of Cambridge Antibody Technology Group PLC (Cambridge, England) and Oxford Glycosciences PLC (Oxford, England) have agreed on the terms of a recommended merger to create a leading European biotechnology company combining the key strengths of the two organizations.

The Merger will create an enlarged entity with greater scientific, organizational and financial resources.

Professor Peter Garland, Chairman of Cambridge Antibody, said "The merger with Oxford Glycosciences is an important step towards Cambridge Antibody's strategic goal of building a profitable, product-based biopharmaceutical company over the next five years and laying the foundations for rapid revenue and profit growth beyond that point. The Merger will significantly strengthen our core capabilities in therapeutic development, by enhancing our discovery, pre-clinical and clinical development capabilities, while also adding strength and breadth to the product portfolio. The Enlarged Group will also enjoy substantially greater financial strength and greater flexibility in meeting future funding requirements."

Kirk Raab, Chairman of Oxford Glycosciences, agreed: "We have previously stated that one of our strategies was to achieve critical mass through merger and acquisition opportunities so as to close the gap in our clinical pipeline. The merger achieves this, resulting in our shareholders owning approximately 36 per cent. of the Enlarged Group. This means they will benefit from the strengthened opportunities for the combined company."

Cambridge Antibody Technology Group PLC +44-1223-471-471
COPYRIGHT 2003 Biotech Patent News
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:BIOTECH Patent News
Article Type:Brief Article
Geographic Code:4EUUK
Date:Jan 1, 2003
Previous Article:Nucletron awarded patents for automating permanent seed.
Next Article:Isis Pharmaceuticals enters into agreement with Pfizer.

Related Articles
Millennium gains broad access to human antibody technology through collaboration with Abgenix.
Oxford GlycoSciences files patent application for breast cancer proteins and genes.
Cambridge Anitbody Technology gains access to Incyte cDNA clone database.
Cambridge Antibody and Dyax expand phage display license.
Cambridge Antibody and Dyax amend antibody product agreement.
Cambridge Antibody announces therapeutic antibody licence agreement with Micromet.
MorphoSys and Novartis forge therapeutic antibody alliance.
MorphoSys and Novartis forge therapeutic antibody alliance.
Cambridge Antibody reports recent progress in licensed product candidates.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters