Strong start to 2001 for Celltech

Celltech Group of the UK has issued a trading update for the first fourmonths of 2001, which shows that turnover grew 24% to $117.2 million, with product sales rising 17% to $96.0 million. Royalty income grew 80% to $21.2 million. The company noted that it has since received a payment of $50 million from Pharmacia relating to a recently-announced collaboration on the worldwide development and marketing of the anti-tumor necrosis factor antibody CDP 870 (Marketletter March 12).

Celltech also noted that Metadate CD, its once-daily 20mg formulation of the attention-deficit hyperactivity disorder drug methylphenidate, which was recently granted approval by the US Food and Drug Administration (Marketletter April 9), was launched on May 21. To support the launch, the firm is planning to expand its sales force in the USA from 250 to 400 representatives during this year.

Celltech added that it has over $200 million in cash and borrowing facilities, and suggested that it will be on the look-out for acquisitions of late-stage products or possible purchases of smaller firms.