SLOUGH, UK, Nov. 19, 2003 (PRIMEZONE) -- Celltech Group plc (LSE:CCH) (NYSE:CLL) announced today that it has completed its integration of Oxford GlycoSciences (OGS), which was acquired in May 2003. This acquisition has provided Celltech with substantial assets, including six novel oncology research programmes supported by around 40 high quality scientists, a royalty stream from the marketed product Zavesca(R), and a Phase I development programme, CDP 923, for the treatment of certain inherited storage disorders. The acquisition has met Celltech's goal of being both cash and earnings neutral.
As part of its integration activities, Celltech has undertaken an extensive marketing process for the proteomics contract service business. Whilst there were many expressions of interest in this business, no formal offers were received. Consequently, Celltech has recently initiated the closure of this business. The cost of closure will be fully funded from the remaining cash reserves of OGS' wholly owned subsidiary Confirmant Limited, and will be reflected as an adjustment to the fair value of assets acquired in the second half financial results with no impact on Celltech's earnings.
Celltech Group plc (LSE: CCH; NYSE: CLL) is one of Europe's largest biotechnology companies, with an innovative development pipeline, funded by its profitable, cash-generative pharmaceutical business. Celltech also possesses drug discovery capabilities of exceptional strength, including a leading position in antibody engineering. More details can be found at www.celltechgroup.com.
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