OGS says Celltech offer is inadequate

Published: 1-Apr-2003
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Oxford Glycoscience (OGS) has said that Celltech's cash offer to acquire the company 'wholly undervalues the business' The company said that it denies OGS shareholders any opportunity to participate in the future value of OGS' r&d pipeline.

David Ebsworth, ceo of OGS, said: 'This inadequate cash offer is a spoiling tactic by Celltech. It is clearly opportunistic and a bid to acquire OGS on the cheap. We have no hesitation in rejecting the offer - it significantly undervalues OGS and provides our shareholders with no upside and no opportunity to share future benefits.'

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