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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
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Publication:BIOTECH Patent News
Article Type:Brief Article
Geographic Code:4EUUK
Date:Jan 1, 2003
Words:221
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