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Home Industry News AstraZeneca extends offer period for CAT

AstraZeneca extends offer period for CAT

22nd June 2006

AstraZeneca has extended its offer period for Cambridge Antibody Technology (CAT), after announcing it had acquired or received acceptance for 86.7 per cent of CAT shares. Having supposed to have ceased yesterday, the offer period has been extended to June 29th, during which time the remaining CAT shareholders can offer their shares to AstraZeneca, or, should they choose, withdraw their offer.

The UK’s second-largest pharmaceutical company is urging CAT shareholders to return their forms of acceptance “as soon as possible” if they want to accept AstraZeneca’s offer, which involves a 702 million pound bid for the monoclonal antibody research company.

CAT’s board has recommended the offer to its shareholders after advice from Morgan and Stanley, which advised it was “fair and reasonable”. AstraZeneca’s attempted purchase of the company is part of its long-term research and design strategy – one that has previously involved collaboration with CAT to develop human monoclonal antibodies.

Peter Chambre, CAT’s chief executive officer, stated: “The offer represents the next logical step in the successful development of CAT.”

“By enabling the resources of AstraZeneca to be committed to realising the full potential of the CAT technologies and capabilities, there is the opportunity to develop a global leadership position in biological therapeutics and a major pipeline of new biological medicines for the benefit of patients,” he concluded.

David Brennan, AstraZeneca’s chief executive officer, added: “This acquisition represents a major long-term strategic investment by AstraZeneca in novel
biological therapeutics.”

CAT has in the past produced Humira, an immunosuppressant which has been licensed to Abbott Laboratories. AstraZeneca will inherit the royalties for the drug if the takeover is successful.

track© Adfero Ltd

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