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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Catco Reinsurance Opportunities Fund Limited | LSE:CAT | London | Ordinary Share | BMG1961Q3242 | ORD USD0.00013716 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 13.00 | 35.00 | 24.00 | 24.00 | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 6.33M | 5.44M | 3.6440 | 6.59 | 35.84M |
RNS Number:7790G Cambridge Antibody Tech Group PLC 7 March 2000 Not for release, distribution or publication in or into the United States, Canada, Japan, Australia or the Republic of Ireland Enquiries: Cambridge Antibody Technology Tuesday 7 March at Group plc HCC de Facto on David Chiswell, John Aston or 020 7 496 3300 Rowena Gardner otherwise 01763 263 233 Deutsche Bank 020 7 545 8000 Antony Macwhinnie Cazenove 020 7 588 2888 Tony Brampton or Daniel Pritchard HCC de Facto 020 7 496 3300 Sue Charles, David Dible or Nikul Odedra CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC ("CAT") OPEN OFFER & INTERNATIONAL OFFERING TO RAISE #100 MILLION IN A NEW SHARE ISSUE Melbourn, UK, 7 March, Cambridge Antibody Technology (CAT.L) today announces an Open Offer and International Offering to raise #100 million, before expenses, through an issue of New Ordinary Shares. In addition, up to a further 300,000 New Ordinary Shares will be issued if an Over-Allotment Option is exercised in full. CAT intends to use the funds raised to expand and accelerate its own development activities in order to increase the breadth of its pipeline of products under development. CAT intends to increase the value retained from its pipeline by retaining the flexibility to partner products at a later stage and/or fund a greater proportion of development costs itself. The Directors believe that, with the increased financial resources from the Offers, CAT will be in a stronger position to negotiate more favourable terms for its drug development partnerships and strategic alliances. The structure of the Offers permits the Company to market a proportion of the New Ordinary Shares actively to international investors, particularly in the United States, and to set the Offer Price at a level determined in a competitive book-building process. It retains the pre-emptive entitlements of existing Shareholders to subscribe at the Offer Price on a pro rata basis, for New Ordinary Shares. Commenting on the fundraising, Dr David Chiswell, Chief Executive of CAT said: "CAT has established itself as a leader in the discovery and development of human monoclonal antibodies for therapeutic and drug discovery purposes. We have four products in clinical development and a toolbox of technologies with application in genomics and proteomics. These technologies are validated through collaborations with leading pharmaceutical and biotechnology companies - exemplified by our recent deals with Human Genome Sciences and Searle. These additional funds will enable us to capitalise on our market leading position, in particular to increase the value created by CAT, and allow CAT and its shareholders to capture more of this value, by expanding our activities, increasing the breadth of our pipeline and gaining greater flexibility in the partnering of our programmes." A presentation to analysts will be held at 10.00 a.m. this morning at the offices of Deutsche Bank, Winchester House, 1 Great Winchester Street, London EC2N 2DB Tel: 020 7 545 8000 Not for release, distribution or publication in or into the United States, Canada, Japan, Australia or the Republic of Ireland Cambridge Antibody Technology Group plc ("CAT") Offers to raise # 100 million CAT today announces that it is proposing to make an Open Offer and International Offering to raise #100 million, before expenses, through an issue of New Ordinary Shares. In addition, up to a further 300,000 Ordinary Shares will be issued if the Over-Allotment Option is exercised in full. All of the New Ordinary Shares comprised in the Offers will be issued at the Offer Price, which will be determined following a competitive book-building process. Under the Open Offer, Qualifying Shareholders may apply for New Ordinary Shares, on a pre-emptive basis, for an amount up to their respective pro rata entitlements under the Open Offer. The offers are not conditional upon the approval of Shareholders and the New Ordinary Shares will be issued pursuant to authorities granted to the Directors at the Annual General Meeting on 4 February 2000. Business strategy CAT's business is based on a world leading platform technology for the rapid isolation of fully human monoclonal antibodies. CAT's strategy is to exploit the power of its platform technology to build a balance of long-term revenues, from the development of novel antibody-based therapeutic products and short-term revenues, from research collaborations based on its functional genomics/proteomics and antibody development technologies. Throughout its business, CAT plans to work in partnership with other pharmaceutical and biotechnology companies and to develop a range of partnerships to manage risk and reward, from early stage licensing deals to later stage partnering deals. In addition, CAT expects to continue to improve and extend its technology base. Progress since flotation Since the time of its flotation on the London Stock Exchange in March 1997, CAT has made significant progress in a number of areas. Product Development Four fully human monoclonal antibodies developed using CAT's technology are now in clinical trials: - The most advanced product, D2E7, which was isolated and optimised by CAT in collaboration with BASF Pharma ("BASF"), has entered Phase III clinical trials conducted by BASF, in patients with rheumatoid arthritis. The Directors believe D2E7 is presently the only fully human monoclonal antibody in Phase III trials. - J695, created and developed by CAT in collaboration with BASF and Genetics Institute ("GI") part of Wyeth-Ayerst, is in Phase I trials conducted by BASF and GI. Possible indications are multiple sclerosis, rheumatoid arthritis and Crohn's Disease. CAT is itself funding clinical trials for two fully human monoclonal antibodies it has developed: - CAT-152 is in Phase II trials in patients undergoing glaucoma filtration surgery. - CAT-192 has recently completed Phase I trials and is expected to enter Phase I/IIa trials later this year in both local and systemic fibrotic indications. Alliances A key part of CAT's business strategy is the forging of alliances with pharmaceutical and other biotechnology companies. Since flotation, alliances have been secured with ICOS, Wyeth-Ayerst, AstraZeneca, Zymogenetics and Searle as well as HGS. Technology The Company's technology base has been significantly extended since flotation. The size of CAT's phage antibody libraries has increased from 10 billion to approximately 100 billion, which leads to better efficiency in terms of antibody selection. The combination of investment in automation and the development of sophisticated bioinformatics resulted in the launch, at the end of 1997, of ProAb, CAT's functional genomics-based drug discovery tool. CAT has also developed ProxiMol, a secondary screening method useful for generating antibodies to specific targets in complex environments, and with its acquisition of Optein, Inc., trading under the name Aptein, Inc. ("Aptein"), CAT acquired technology and intellectual property in the field of polysome display. Intellectual Property CAT's intellectual property portfolio has been further strengthened since flotation, with grants of key patents. Infrastructure As the scale of its activities has increased, CAT's infrastructure has developed. Staff numbers now stand at approximately 150, compared with 67 at flotation. The Company now operates from 46,000 sq. ft of freehold and leasehold premises, compared with 19,500 sq. ft at flotation. In this period, CAT has fitted out and acquired an additional building, Cambridge House, as laboratories and offices. Use of proceeds of the Offers In line with statements made at the time of flotation in 1997, CAT is seeking to raise further funds to continue the commercial exploitation of its technology assets. In particular, CAT intends to expand and accelerate its own development activities in order to increase the breadth of its pipeline of products under development. CAT intends to increase the value retained from its pipeline by retaining the flexibility to partner products at a later stage and/or fund a greater proportion of development costs itself. The Directors believe that, with the increased financial resources from the Offers, CAT will be in a stronger position to negotiate more favourable terms for its drug development partnerships and strategic alliances. Specific areas of application of funds include the following: - Due to CAT's success in securing additional alliances and the continuing development and further exploitation of CAT's business as described above, it is envisaged that there will be an expansion in staff numbers above the current levels. Plans show numbers increasing to of the order of 250, with the greater part of this increase in the next 18 months. To accommodate this increase, some increase in CAT's operational facilities may also be required. - To expand and automate CAT's overall technology base, additional funding is required. - CAT recognises the importance of a strong portfolio of intellectual property and the need to vigorously defend its patents. As CAT expands its intellectual property portfolio, additional funds will be required to maintain and protect this enlarged portfolio. - Increased funding will afford CAT greater flexibility in responding to opportunities, such as acquisition of suitable targets, technology, intellectual property rights or product acquisition within the confines of its stated strategy. As at 31 January 2000, CAT had cash and liquid resources of #29.8 million. CAT has since that date received a licence fee under the collaboration agreement entered into with Human Genome Sciences, Inc on 29 February 2000 of US$12 million and expects to receive #34.6 million pursuant to the HGS Subscription, subject to Shareholder approval at the EGM (see below). Following the Offers, the Company expects its level of operating spend to increase from its current levels, as the scale of its activity increases, as described above. Current trading and prospects Since the 1999 financial year end, CAT has made significant progress. The Company has signed substantial agreements with Searle and HGS. The clinical pipeline has progressed with BASF initiating Phase III trials for D2E7 and CAT-192 entering and completing Phase I trials. The significant recent increase in the Company's share price has resulted in a potential liability for employer's National Insurance in respect of share options granted by the Company in December 1999. Based on the share price as at close of business on 3 March 2000 and current National Insurance rates of 12.2 per cent., the amount of this liability is estimated at #1.8 million. This liability will not crystallise until the options are exercised, which cannot be before December 2002. CAT expects that losses and cash outflows will continue for a number of years. However, CAT expects the current fundraising to provide a firm foundation for the development of its business over this period. The need for any further fundraising will depend on the timing and magnitude of revenues, including the receipt of milestone and royalty payments, and of other cash receipts in connection with collaborations. In addition, CAT will remain alert to opportunities for further investment to develop its business where this is to the benefit of Shareholders. An integral part of CAT's business is entering into strategic alliances with other pharmaceutical and biotechnology companies. Whilst the timing of new alliances cannot be predicted, CAT expects to enter into further such alliances in the future. As with some existing alliances that CAT has already concluded, a component of such alliances may well be the issue of Ordinary Shares to the strategic partner. A significant proportion of CAT's Ordinary Shares are owned by persons resident in the United States and further interest from persons resident in the United States is expected in the Offers. As a result, the Company intends to seek a NASDAQ listing of its Ordinary Shares at the appropriate time. There can be no assurances, however, as to the timing of any such listing or whether the Company will meet NASDAQ's listing requirements. On 1 March 2000, CAT announced a major alliance with HGS of the United States. HGS and CAT will collaborate to develop and sell custom-developed, fully human antibody drugs against genomics-derived disease targets. CAT has provided HGS with rights to use certain CAT technology and HGS will pay CAT clinical development milestones and royalties based on product sales. CAT has received an up- front licence fee of US$12 million. In addition, HGS will subscribe for 1,670,000 Ordinary Shares for the sterling equivalent of US$55 million. A resolution to approve the HGS Subscription will be proposed at the EGM. If the approval of Shareholders is not obtained at the EGM, the number of Ordinary Shares to be issued to HGS will be reduced to 1,270,770, being the number which the Directors currently have power to allot for cash, otherwise than pro rata to Shareholders. This subscription would be at the same price of #20.75 per Ordinary Share, giving an aggregate subscription amount of #26.4 million. An Extraordinary General Meeting will be held at Cambridge House, Back Lane, Melbourn, Cambridgeshire SG8 6DD at 4.30 p.m. on Friday 31 March 2000. Details of the Offers Open Offer The Offers comprise the Open Offer and International Offering and together they are expected to raise, before expenses (and excluding the effect of any exercise of the Over-Allotment Option) #100 million. At the outset it is not possible to state the relative sizes of the Open Offer and the International Offering as they are principally dependent on two factors which have yet to be determined, namely (i) whether any of the Non Pre-emptive Ordinary Shares will be available for the International Offering; and (ii) the amount of the Offer Price. If Shareholders vote in favour of the resolution to approve the HGS Subscription at the EGM, then the Non Pre- emptive Ordinary Shares will be made available in the International Offering. If this happens, the size of the Open Offer, under which Qualifying Shareholders may apply on a pre-emptive basis, will be an amount equal to #100 million less the number of Non Pre-emptive Ordinary Shares (other than those the subject of the Over Allotment Option) multiplied by the Offer Price, which is expected to be announced on 3 April 2000. However, the size of the Open Offer will not be less than #40 million. The International Offering All of the New Ordinary Shares not taken up by Qualifying Shareholders in the Open Offer, together with the Non Pre- emptive Ordinary Shares if Shareholders vote in favour of the resolution to approve the HGS Subscription at the EGM (and assuming exercise in full of the Over-Allotment Option) will be made available in the International Offering to investors through institutional offerings in the United Kingdom and elsewhere, but particularly the United States. The Offer Price The Offer Price, which will apply to all applications for New Ordinary Shares in the Offers, will be determined at the end of the International Offering, following a competitive book-building process. It is expected that the Offer Price and the number of New Ordinary Shares to be issued will be determined and announced on or about 7.00 am on Monday 3 April 2000. In determining the Offer Price, the Company, Deutsche Bank and Cazenove will have regard to, inter alia, the level of demand from Qualifying Shareholders in the Open Offer and from investors in the International Offering, the prevailing market conditions, and the desire to create a strong aftermarket for Ordinary Shares following completion of the Offers. Reasons for the structure of the Offers The Directors believe that the offering mechanism outlined above is in the best interests of the Company and Shareholders as a whole, for the following reasons: - it permits the Company to market a proportion of the New Ordinary Shares actively to international investors, particularly in the United States, and to set the Offer Price at a level determined in a competitive book- building process. - it retains the pre-emptive entitlements of existing Shareholders, to subscribe on a pro rata basis for New Ordinary Shares, at the Offer Price for at least #40 million; and The New Ordinary Shares to be issued pursuant to the Offers will, when issued and fully paid, rank pari passu in all respects with the existing Ordinary Shares. The Offers are conditional on: - the Offer Price having been agreed by the Company, Deutsche Bank and Cazenove; - the Subscription Agreement becoming unconditional in all respects and not having been terminated or rescinded in accordance with its terms; and - Admission becoming effective by no later than Tuesday 4 April 2000 (or such later time and/or date as the Company, Deutsche Bank and Cazenove may agree). It is expected that all these conditions will be satisfied by, Admission will become effective and that dealings in the New Ordinary Shares will commence on, Tuesday 4 April 2000. If the Offers do not become unconditional, no New Ordinary Shares will be issued or sold, and all monies received by the registrars in connection with the Open Offer will be returned to applicants without interest as soon as practicable thereafter. The prospectus is expected to be posted to shareholders later today. Application forms, which will accompany the prospectus, are personal to shareholders and may not be transferred except to satisfy bona fide market claims. This press release is not an offer of securities for sale in the United States. Any such securities may not be offered or sold in the United States absent registration or an exemption from registration, any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and management, as well as financing statements. The issue of this announcement has been approved by the directors of Cambridge Antibody Technology Group plc who accept responsibility for the information contained in it. This announcement has been approved for the purposes of section 57 of the Financial Services Act 1986 by Deutsche Bank and Cazenove, both of which are regulated in the UK by The Securities and Futures Authority Limited. Deutsche Bank and Cazenove are acting for Cambridge Antibody Technology Group plc and no one else in connection with the Fundraising and will not be responsible to anyone other than Cambridge Antibody Technology Group plc for providing the protections afforded to customers of Deutsche Bank and Cazenove nor for providing advice in relation to the Offers. Definitions "CAT" or the Cambridge Antibody Technology Group plc, "Company" or CAT Limited, as the context so requires "Extraordinary the extraordinary general meeting of the General Meeting" or Company to be held at the offices of the "EGM" Company at Cambridge House, Back Lane, Melbourn, Cambridgeshire SG8 6DD on Friday 31 March 2000 commencing at 4.30 p.m. "HGS" Human Genome Sciences, Inc "HGS Subscription" means the subscription by HGS for 1.67 million Ordinary Shares pursuant to the HGS Subscription Agreement "International the offer by Deutsche Bank and Cazenove Offering" on behalf of the Company of New Ordinary shares to international investors "New Ordinary the new Ordinary Shares proposed to be Shares" issued by the Company in connection with the Offers "Non Pre-emptive 1,270,000 Ordinary Shares in respect of Ordinary Shares" which the Directors were empowered, pursuant to Section 95 of the Act, to allot for cash as if the provisions of Section 89(1) of the Act did not apply to the allotment pursuant to resolution 10 passed at the annual general meeting for the Company held on 4 February 2000 "Offer Price" the price per share at which New Ordinary Shares are to be issued or sold under the Offers "Offers" the Open Offer and the International Offering "Open Offer" the invitation by Deutsche Bank and Cazenove on behalf of the Company, to Qualifying Shareholders to apply for New Ordinary Shares on a pre-emptive basis "Over-Allotment the option conditionally granted by CAT Option" to Deutsche Bank to acquire up to 300,000 additional New Ordinary Shares at the Offer Price "Qualifying holders of Ordinary Shares on the Shareholders" register of members of the Company as at the Record Date (save for certain overseas shareholders) END MSCGDGDXUXGGGGR
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