AstraZeneca to buy Britain's CAT
AFP - [email protected]
Published: 15 May, 2006 CET.
Updated: Mon 15 May 2006 10:38 CET
Anglo-Swedish drugs giant AstraZeneca announced on Monday that it had agreed to buy Britain-based Cambridge Antibody Technology, in a deal valuing the group at 702 million pounds (9.6 billion kronor).
AstraZeneca, which already owns 19.2 percent of CAT, will pay 567 million pounds (7.8 billion kronor) for the remaining stock, a statement said. It has agreed to pay 1,320 pence per share in cash.
That represents a 67-percent premium on CAT's closing price on Friday.
The statement added that CAT directors have unanimously recommended the offer.
"CAT will become central to AstraZeneca's plans to establish a major international presence in the research and development of biological therapeutics," the statement said.
CAT makes drugs using antibodies, the body's natural defences against infections.
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AstraZeneca, which already owns 19.2 percent of CAT, will pay 567 million pounds (7.8 billion kronor) for the remaining stock, a statement said. It has agreed to pay 1,320 pence per share in cash.
That represents a 67-percent premium on CAT's closing price on Friday.
The statement added that CAT directors have unanimously recommended the offer.
"CAT will become central to AstraZeneca's plans to establish a major international presence in the research and development of biological therapeutics," the statement said.
CAT makes drugs using antibodies, the body's natural defences against infections.
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