UK's Cambridge Antibody Technology Reports Quarterly Results

UK-based biotechnology venture Cambridge Antibody Technology (CAT) has reported results for the first quarter of its financial year, for October through the end of December 2004. Assets at year-end totalled GBP159.3mn (US$298.13mn), compared to GBP93.7mn at Dec. 31, 2003.

The company highlighted two major developments in the year, namely its new inflammatories research partnership with AstraZeneca and the successful outcome of a UK lawsuit against US-based Abbott Laboratories. The GBP175mn (US$327.50mn) alliance with the UK- and Sweden-based drug major will initiate a five-year joint research programme aiming to discover 25 new compounds in human monoclonal antibody therapeutics. The two companies will fund the scheme on a 50:50 basis.

Meanwhile, the company issued an update on last year's successful suit against Abbott Laboratories. CAT had claimed entitlement to a 5 percent royalty on its Humira arthritis drug, on which Abbott forecasts sales at US$1.3bn this year. While a further UK ruling in January denied Abbott permission to appeal and obliged the US company to pay CAT roughly US$28mn in outstanding royalties, this amount is not reflected in the results. As CAT notes, if Abbott were to appeal directly to the UK's Court of Appeal and be successful, the amount would be repayable.