CAT's profits hit L4.6M for six month to March

UK-based Cambridge Antibody Technology says that its profits for the six months ended March 31, 2006, were L4.6 million ($8.6 million), up from the L16.5 million loss it recorded in the comparable period last year. The announcement follows AstraZeneca's decision to make cash offer for the 80.1% of CAT that it does not already own earlier this month (Marketletter May 22).

The firm added that royalties derived from sales of Humira (adalimumab), an antibody product developed for the treatment of rheumatoid arthritis, which is licensed by US health care major Abbott, helped it achieve revenues of L172.5 million. In October of last year, CAT was awarded Humira royalties at the culmination of a two-year legal battle with Abbott which saw the UK company's entitlement rise from 2% to 2.688%.

CAT went on to say that it had established a second license agreement with Abbott in the period, relating to the development of ABT-874 as a potential treatment for autoimmune diseases. In addition, CAT said that it has licensed its lupus erythematosus therapy LymphoStat-B (belimumab) to USA-based Human Genome Sciences, with Phase III assessment expected to begin in the second half of the year. This brings to four the number of CAT products which HGS has in-licensed.