AstraZeneca to buy Britain's CAT
AFP · 15 May 2006, 10:38
Published: 15 May 2006 10:38 GMT+02:00
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.