PHARMACEUTICALS company AstraZeneca is to join forces with a UK biotech firm in a bid to boost its line of treatments.
The five-year project with Cambridge Antibody Technology (CAT) will study the use of antibodies mainly in treating inflammatory disorders, including respiratory diseases.
AstraZeneca also revealed it has agreed to snap up a 20 per cent stake in CAT for £75m. The purchase represents a 27 per cent premium to the average closing price of CAT's shares for the past five days and is subject to shareholder approval.
CAT, which employs 270 people near Cambridge, specialises in drugs based on antibodies.
The deal marks a step forward by AstraZeneca in the field of antibody research and complements an earlier acquisition of California-based Abgenix, which provides AstraZeneca with expertise in developing antibodies for the treatment of cancer.
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