Pharmaceutical firm in €877m acquisition bid

PHARMACEUTICAL giant Astra Zeneca is this week expected to announce a deal to acquire smaller rival Cambridge Antibody Technology, it was reported today.

The move is expected to value Cambridge Antibody Technology (CAT) at more than £600 million (€877m), well up on the £420m (€614m) it is currently valued at after its shares closed at 796.5p on Friday, according to a Sunday newspaper report.

Astra Zeneca, which is reportedly being advised on the deal by investment bank Goldman Sachs, already has close ties with the Cambridge-based group after the pair agreed a strategic development alliance in November 2004.