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Oxford Glycosciences has recommended that shareholders accept a £101m takeover offer from Celltech.
Oxford Glycosciences is looking into the possibility of merging with a rival biotechnology company, having failed to win US regulatory approval for its Vevesca treatment for Gaucher's disease.
Oxford Glycosciences is to collaborate with BioInvent of Sweden to develop new therapeutic antibodies over the next three years, and will invest £3.5m in BioInvent shares.
Oxford Glycosciences and Marconi are forming a £30m joint venture called Confirmant to develop a database of human proteins, and they will also offer IT outsourcing services to pharmaceutical and biotechnology companies.
Oxford Glycosciences is planning to expand its biotechnology business into drug development, and is seeking potential partners in order to minimise the infrastructure costs.
Oxford Glycosciences is planning to raise £150m in a share offer, in order to develop new drugs, recruit 75 sales staff and fund acquisitions.
Oxford Glycosciences is planning to create up to 40 jobs at its new drug discovery head office and factory near Abingdon.
Oxford Glycosciences is planning to seek a secondary listing on Nasdaq, in order to help with the expansion of its biotechnology business into the US.
Oxford Glycosciences is forming an alliance with Medarex of the US to develop new drugs using proteomics technology, and a separate alliance with Cambridge Antibody Technology to develop protein chips.
Oxford Glycosciences is to raise £33m in a share placing in order to develop new techniques for identifying proteins in DNA testing.