AstraZeneca acquires remaining 87% of CAT

Anglo-Swedish drug major AstraZeneca has acquired or received valid acceptances of its offer on 37,261,730 shares in UK-based Cambridge Antibody Technology, representing approximately 86.7% of the firm to which the offer relates.

About two months ago, Europe's third-largest pharmaceutical company, announced its plans to acquire the remaining 80.1% of fellow UK-based antibody specialist that it did not already own (Marketletter May 22).

However, 10.00 am New York City time on June 21, 2006, was the first closing date of its recommended cash offer for the entire issued and to-be-issued share capital of CAT not otherwise held by AstraZeneca and the firm noted that, at this time, valid acceptances had been received in respect of 31,661,730 shares, representing approximately 73.7% of the CAT shares to which the offer relates.