Biotech firm CAT to raise 100 million pounds
LONDON (Reuters) - Biotech firm Cambridge Antibody (CAT), a stock market star after it unveiled a blockbuster genomics deal last week, has further strengthened its future with plans to raise 100 million pounds. It is the biggest fund raising by a British biotechnology company since fallen star British Biotech (LSE: BBG.L - news) raised over 140 million pounds in July 1996.
CAT will issue new ordinary shares through an open and international offer and the company said the added financial muscle would enable the company to negotiate more favourable terms for its drug development partnerships and alliances.
Shares in CAT jumped 25 percent to a record 52 pounds, up 10.62 pounds, after the amount of money being raised was at the top end of market expectations.
The company is now capitalised at around 1.2 billion pounds.
CAT shares went on the rampage last week after it did a deal with Human Genome Sciences Inc which will give it access to the promising world of genomics.
LONDON (Reuters) - Biotech firm Cambridge Antibody (CAT), a stock market star after it unveiled a blockbuster genomics deal last week, has further strengthened its future with plans to raise 100 million pounds. It is the biggest fund raising by a British biotechnology company since fallen star British Biotech (LSE: BBG.L - news) raised over 140 million pounds in July 1996.
CAT will issue new ordinary shares through an open and international offer and the company said the added financial muscle would enable the company to negotiate more favourable terms for its drug development partnerships and alliances.
Shares in CAT jumped 25 percent to a record 52 pounds, up 10.62 pounds, after the amount of money being raised was at the top end of market expectations.
The company is now capitalised at around 1.2 billion pounds.
CAT shares went on the rampage last week after it did a deal with Human Genome Sciences Inc which will give it access to the promising world of genomics.
