Battle for OGS continues

Published: 28-Mar-2003


Oxford Glycosciences (OGS) has confirmed that it has commenced discussions with three further interested parties regarding a potential offer for the company. These are in addition to the offers made by Cambridge Antibody Technology Group (CAT) and Celltech.

Reflecting the level of their interest, each of these three parties has entered into a non-disclosure agreement with OGS to enable them to carry out due diligence on the company. The interested parties comprise an international pharmaceutical company, a US based biotechnology company and a European private equity house.

OGS said it expects the discussions to reach conclusion in the second week of April, and in light of the developments, it recommended that shareholders take no action in relation to the Celltech offer.

Commenting, David Ebsworth PhD, ceo of OGS, said: 'We have previously promised our shareholders that we will seek the best value that we can for them and in doing so are seeking to have discussions with all interested parties. We have made progress, confirmed by today's announcement that each of these three interested parties have entered into a non-disclosure agreement with OGS

In response Celltech has pointed out that none of these potential offers for OGS have yet materialised and there is no guarantee that any such offer for OGS would be forthcoming.

Celltech says that its all cash offer of 182 pence (Euro 2.65 ) per OGS Share represents an increasingly generous offer for OGS, which at current market prices has an implied value of £66.1m (Euro 96) . In comparison, the value of Celltech's offer is £101.4m (Euro 148).

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