Chiroscience Group - Offer Wholly Uncondt., etc
03 Agosto 1999 - 4:28PM
UK Regulatory
RNS No 4593p
CHIROSCIENCE GROUP PLC
3 August 1999
Not for release, publication or distribution in or into the
United States, Canada, Australia or Japan
Celltech plc ("Celltech")
Recommended Merger Offer
for
Chiroscience Group plc ("Chiroscience")
Merger Offer Declared Wholly Unconditional,
Changes to Directorate and Change of Name
The Board of Celltech announces that, all of the conditions
of the Merger Offer having been satisfied or waived, the
Merger Offer is now declared unconditional in all respects.
By 3.00 p.m. on 2 August 1999, valid acceptances of the
Merger Offer had been received in respect of 84,279,449
Chiroscience Shares, representing approximately 74.37 per
cent. of the issued ordinary share capital of Chiroscience.
The total number of acceptances received includes
acceptances in respect of 1,096,931 Chiroscience Shares
(representing approximately 1.0 per cent. of the existing
issued share capital of Chiroscience) which were the subject
of irrevocable undertakings to accept the Merger Offer from
Chiroscience Directors.
Settlement of the consideration to which Chiroscience
Shareholders (who had validly accepted the Merger Offer by
3.00 p.m. on 2 August 1999) are entitled under the Merger
Offer will be despatched by no later than 17 August 1999.
The Merger Offer will remain open for acceptance until
further notice. At least 14 days' notice will be given
before the Merger Offer is closed.
As and when Celltech receives acceptances in respect of 90
per cent. of the ordinary issued share capital of
Chiroscience, Celltech will seek to acquire compulsorily any
outstanding Chiroscience Shares to which the Merger Offer
relates pursuant to sections 428 to 430F of the Companies
Act 1985.
Save for the irrevocable undertakings disclosed in the
Merger Offer Document, neither Celltech nor any person
deemed to be acting in concert with it held any Chiroscience
Shares (or rights over such shares) on 14 June 1999, the
date immediately prior to the commencement of the Merger
Offer Period. Neither Celltech nor any person deemed to be
acting in concert with it has acquired or agreed to acquire
any Chiroscience Shares during the Merger Offer Period.
Hugh Collum, Christine Soden, Bob Jackson, Marvin Jaffe and
Barry Price, currently directors of Chiroscience, have today
been appointed directors of Celltech. The resignations of
Stewart Siddall and Robert Thian as non-executive directors
of Celltech have also been accepted today.
Admission to the London Stock Exchange of the New Celltech
Shares issued pursuant to the Merger Offer is expected to
become effective and dealings in New Celltech Shares are
expected to commence at 9.00 a.m. tomorrow, 4 August 1999.
Further to the extraordinary general meeting of Celltech
held on 29 July 1999, Celltech will change its name to
Celltech Chiroscience plc.
Enquiries:
Celltech
Dr. Peter Fellner Tel : 01753 534 655
Chiroscience
Christine Soden Tel : 01223 420 430
Flemings
David Fletcher Tel : 0171 638 5858
Brunswick
Jon Coles Tel : 0171 404 5959
Katharine Sharkey
Terms defined in the Merger Offer Document dated 6 July 1999
have the same meaning in this press release.
Flemings, which is regulated in the UK by The Securities and
Futures Authority Limited, is acting for Celltech and no one
else in connection with the Merger Offer and will not be
responsible to anyone other than Celltech for providing the
protections afforded to customers of Flemings or for
providing advice in relation to the Merger Offer.
This announcement has been approved by Flemings for the
purposes of section 57 of the Financial Services Act 1986.
Notes for editors:
The merged company, Celltech Chiroscience plc, will be one
of the biggest biopharmaceutical companies in Europe and
will have a larger and broader new product portfolio and
drug discovery pipeline, creating a more diversified spread
of risks for investors in both companies.
Competitive advantages
The Directors of both Celltech and Chiroscience believe that
there will be significant competitive advantages created by
the Merger. These include:
- a wide and innovative new product portfolio;
- a valuable and broad drug discovery pipeline;
- existing and potential collaborations with high quality
major pharmaceutical partners;
- outstanding drug discovery and development
capabilities;
- exceptional financial strength for the Enlarged Group
(as at 31 May 1999 Celltech and Chiroscience combined
had cash and liquid investments of #88 million); and,
- an enhanced range of skills and capabilities amongst
its employees.
Product portfolio
The Enlarged Group will possess one of the strongest new
product portfolios within the European biopharmaceutical
sector, with one product already approved, a further three
in advanced stages of development and a further eight that
are either in clinical or pre-clinical development.
Approved
Chirocaine - recently approved in Sweden and with approvable
status in the United States both for anaesthesia and pain
management. Partnered by Abbott International worldwide,
except for the United States and Japan where it is partnered
with Purdue Pharma L.P. and Maruishi Pharmaceutical Co.
Limited respectively.
Advanced
CMA 676 - a pioneering treatment for leukaemia developed
with American Home Products Corporation, for which a US NDA
(New Drug Application) is expected to be filed in the second
half of this year.
CDP 571 - for the treatment of Crohn's disease, currently in
pivotal studies with filing for US marketing approval
expected in the second half of this year.
Needle-free Lidocaine - for pain relief, being developed
with Powderject Pharmaceuticals plc, with regulatory filings
expected in the second half of the year 2000.
Clinical & pre-clinical
CDP 870 - for rheumatoid arthritis (Phase II)
CMB 401 - for ovarian cancer (Phase II; partner American
Home Products Corporation)
D2785 - for attention deficit disorder (Phase II; partner
Medeva plc)
SCH55700 - for asthma (Phase I/II; partner Schering-Plough
Corporation)
BMS275291 - for cancer (Phase I/II; partner Bristol-Myers
Squibb Company)
D1927 - for rheumatoid arthritis (Phase I)
CDP860 - for coronary restenosis (pre-clinical)
D4396 - for asthma (pre-clinical; partner Schering-Plough
Corporation)
Skills and technologies
The discovery technologies and skills within Celltech and
Chiroscience are highly complementary and synergistic.
Celltech possesses strengths in molecular biology, molecular
immunology and antibody engineering. Chiroscience's
strengths include gene-based novel target discovery and
associated bioinformatics, together with a broad range of
chemistry, scale-up capabilities and a proven track record
in clinical development. Importantly, the medicinal
chemistry and pharmacology capabilities in both companies
will achieve significant critical mass when combined.
The extensive repertoire of technologies that the Enlarged
Group will possess should therefore enable it to exploit its
proprietary novel targets fully and effectively for drug
discovery. Both its antibody technology and its extensive
medicinal chemistry resources will be focused on these novel
therapeutic opportunities. The main therapeutic targets of
current discovery programmes include important immune and
inflammatory disorders, cancer and bone disorders.
Collaborative agreements
The Enlarged Group will continue to pursue a series of
pioneering discovery programmes in collaboration with
leading pharmaceutical companies, including Merck & Co.,
Inc. and Schering-Plough Corporation in asthma, AstraZeneca
in osteoarthritis, and American Home Products Corporation
and Bristol-Myers Squibb Company in cancer.
Research and development
Research is conducted in state-of-the-art facilities located
in Cambridge, Slough and Seattle, and involves more than 400
research and development staff. The Enlarged Group has a
current pro forma annual research and development
expenditure of some #51 million.
Financial synergies
It is expected that appreciable cost savings can be achieved
within the Enlarged Group, particularly by eliminating
duplication from the combined infrastructure. These cost
savings are expected to arise within the financial year
commencing 1 January 2000. One of the Enlarged Group's key
goals will be to become financially self-sustaining and
profitable, and in recent years both Celltech and
Chiroscience have moved significantly closer to achieving
this. The Merger is expected to assist in securing these
goals.
END
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