| UPDATE | 22.09.03 |
| ALLIANCE |
September 22 2003 Genzyme making £22.9 million equity investment in CAT Cambridge, UK and Cambridge, Mass… Cambridge Antibody Technology (LSE:CAT; NASDAQ: CATG) and Genzyme Corporation (NASDAQ: GENZ) today announce a significant strengthening and enhancement of their broad strategic alliance for the development and commercialisation of human monoclonal antibodies directed against TGFb. Under an amended collaboration agreement, CAT, through its wholly-owned subsidiary Aptein, has increased its commitment to the programme by agreeing to fund fifty per cent of programme costs through to early 2006. CAT will receive an additional credit in the formula by which profits arising from the programme are apportioned between the parties, which significantly enhances CAT’s position with respect to its share of profits from the programme. This agreement also amends the rights of the parties in the event of a 'change of control', giving the party not subject to the change of control the right to purchase the other's interest in the programme for fair value. |
| COMPANY |
- Cambridge Antibody Technology - Genzyme |
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