Sweden's news in English

Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

AstraZeneca to buy Britain's CAT

Share this article

10:38 CEST+02:00
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.

Get notified about breaking news on The Local

Share this article

From our sponsors

How to work 9-5 and travel the rest of the time

A full-time job shouldn't stop you from satisfying your wanderlust. The Local spoke to Travel After 5 blogger Alline Waldhelm to find out her tips and tricks for travellers who only have 25 days of annual leave.

Discussion forum