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Cantab bought by Xenova.
Cantab Pharmaceuticals, a UK vaccine developer, said it will sell itself to Slough-based biotechnology company Xenova Group. The deal comes four months after Cantab put itself up for sale following the 67% one-day drop in its shareprice last October.
Nick Hart, acting CEO of Cantab said: "The enlarged group brings together two companies with a joint focus on cancer and complementary technologies in drug discovery, providing a foundation for the development of innovative medicines with high commercial potential."
Xenova will offer 11 new shares for every seven Cantab shares. It values each Cantab share at approximately l4Op, representing a premium of 16.5% on the closing Cantab shareprice of 120p on February 16 2001, the last day of trading before the announcement. The deal values the entire issued share capital of Cantab at [pound]62.1m. The merged company will have a market value of approximately [pound]124m.
On October 17 2000, Cantab announced its most advanced drug TH-GW, a treatment for genital warts, had no positive medical effect. Following this announcement Cantab's shares fell from lS6p to 76p, and venture capital firm Apax snapped up a 9.1% stake in the company. Added to this drugs giant SmithKline Beecham stopped its investment in Cantab's development and testing programme, ...
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