Cantab set to buy anti-smoking drug
Monday 21 December 1998
Cantab is set to reveal that it is buying the two drugs, currently in clinical trials in the US, from the American biotechnology firm ImmunoLogic.
The acquisition will be funded through the issue of around two million Cantab shares at a slight premium to Friday's closing share price of 202.5p, leaving ImmunoLogic with nearly 6 per cent of the UK group.
The deal will give Cantab, which has a number of other vaccines in its pipeline, access to two potentially huge markets. Recent research shows that there are 50 million daily smokers in the US alone, 17 million of whom attempt to quit smoking each year. More than $350m is spent annually on prescription and over-the-counter drugs by people trying to give up nicotine in the US.
The cocaine vaccine will target the millions of heavy users of the drug. In the US, more than two million people use cocaine on a regular basis and 900,000 of them seek treatment each year.
The vaccines are designed to generate antibodies that neutralise the effects of the two substances. Experts believe they could have an edge over conventional treatments, which have a high relapse rate.
Cantab has also agreed to pay ImmunoLogic a further $11m if the two vaccines successfully complete Phase II clinical trials - the intermediate stage of drugs testing. In return, ImmunoLogic will transfer $6m in cash to Cantab to fund the development of the two compounds until the end of the year 2000.
The Microsoft mogul told fans a few home truths during his Reddit AMA
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...