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.
- 1 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...