AstraZeneca wraps up CAT; appoints new top management
AstraZeneca today appointed a new chairman and a new chief executive officer at Cambridge Antibody Technology (CAT.L) as it declared its £702m agreed offer unconditional.
It said it had acquired or received acceptances for 89.2% of CAT shares in response to the bid launched on 15th May. The flood of acceptances reflects the healthy 68% premium the offer represented at launch and the subsequent wobbles in the stock markets.
In a statement to the London Stock Exchange it said CAT will now form part of the AstraZeneca group.
AstraZeneca said that Dr Hamish Cameron had been appointed as a Director and Chief Executive of CAT Limited, with immediate effect, and Dr John Patterson (pictured), Executive Director of Development at AstraZeneca, had been appointed chairman.
Dr Cameron, a physician by training, joins CAT following a number of senior R&D appointments in AstraZeneca, including Head of the Cardiovascular Therapy Area and Head of Medical Research, in the 20 years he has been with the company. He is a Fellow and past Board member of the Faculty of Pharmaceutical Medicine.
Dr Patterson said "We are delighted that the acquisition of CAT has been completed. [It] indicates our intention of growing a leading biopharmaceuticals capability, led from CAT in Cambridge, which combines the biologics discovery and early development of CAT with AstraZeneca's global discovery, development and marketing expertise.
"The biopharmaceuticals capability will be distinct from, but complementary to, AstraZeneca's small molecule franchise."
New boss excited
Dr Cameron said he was excited by the opportunity at CAT and looked forward to leading the company as it sets out on the next part of its journey as a member of the AstraZeneca group.
"CAT is a distinctive and successful biopharmaceuticals company and, now supported by AstraZeneca, it will be able to utilise its expertise across all AstraZeneca's Therapy Areas as well as to develop its technology platform beyond its current capabilities. In this way AstraZeneca, with CAT, aims to deliver valuable new medicines to improve patient care in a number of significant disease areas.
"AstraZeneca's acquisition of CAT is a great endorsement of the achievements of CAT and its staff, and a significant boost to the Cambridge area and the UK biotechnology industry."
Earlier AstraZeneca waived the 90% minimum acceptance condition of its offer and said that all conditions had been satisfied or waived. The offer has been declared unconditional.
It extended the period for acceptances from the remaining 10% to 29 June.
22nd June 2006
