NEW YORK, March 24 - Cambridge Antibody Technology today reaffirmed its intention to acquire Oxford GlycoSciences despite rival bidder Celltech's recent acquisition of 10 percent of OGS' outstanding shares.
The proposed merger, first announced in January, has been plagued by uncertainty since Celltech first indicated its interest in acquiring OGS in mid-February.
Today, CAT acknowledged in a statement that Celltech had acquired the OGS shares, but noted that the proposed merger requires approval by a majority of OGS shareholders at a meeting where 75 percent of the company's shares are represented. "As a result, the proposed merger of CAT and OGS can be achieved notwithstanding Celltech's recent acquisition of OGS shares," the company said.
Meanwhile, in a statement on its website, OGS said it is "continuing discussions with CAT with regard to a potential revised proposal," but is also continuing discussions "with other potentially interested third parties."
David Ebsworth, CEO of OGS, said, "There is still all to play for. We remain in active discussions with CAT with a view to obtaining a material improvement in the value of their offer."