Cambridge Antibody Technology is to set up a new 92,000 sq ft research and manufacturing centre at Granta Park in Cambridge by 2008, as part of an expansion programme that will create 300 jobs.
Cambridge Antibody Technology is to sell an 11% equity stake to Genzyme of the US for £23m, as part of a collaboration between the two companies in the development of drugs for fibrotic diseases.
Cambridge Antibody Technology has offered to acquire Oxford Glycosciences for £110m, and the group's combined cash reserve of £260m will be used to license new drugs or acquire another biotechnology company.
Cambridge Antibody Technology is to relocate its Cambridgeshire headquarters from Melbourn to Granta Park in Great Abington over the next two years, which will involve the relocation of 180 jobs and the creation of 70 new jobs.
Cambridge Antibody Technology has announced a new technology called ProAb that enables scientists to scan the body for concentrations of proteins that could be contributing to the progress of disease.
Cambridge Antibody Technology is planning to raise up to £35m in a flotation in the first half of this year, but expects that further funds will be needed before it can launch one of its biotechnology products.