Further Acqn. of Interest

ASCOT PLC
29 September 1999

                      Ascot Plc ('Ascot')
                               
          Proposed Acquisition of outstanding 70% of
          Chirotech Technology Limited ('ChiroTech')
                   for £54 million debt free


* ChiroTech is a highly regarded company in the  provision
  of chiral technology products and services to the global life
  sciences industries.  Ascot acquired 30 per cent of ChiroTech
  for £30 million in September 1998

* Strong  market  position - approximately  80%  of  drugs
  entering  development are chiral driving growth of 8-10  per
  cent per annum in the chiral intermediates market

* The proposed acquisition represents a major extension to
  Ascot's  outsourcing  services  to  the  pharmaceutical  and
  chemicals industries

* Combination  of ChiroTech with Mitchell Cotts  Chemicals
  offers enhanced commercial opportunities to Ascot

Howard Dyer, Executive Chairman of Ascot, commented:

'This  is  a  key strategic move for Ascot into a high  growth
market  driven  by  increased  outsourcing  by  pharmaceutical
companies.   It is also expected to be earnings  enhancing  in
the first full year.'

                           Ascot Plc
                               
     Proposed Acquisition of outstanding 70% of ChiroTech
                               
Ascot  announces  that it has entered into an  agreement  with
Celltech Chiroscience to acquire the 70 per cent of the issued
share capital of ChiroTech which it does not already own for a
cash  consideration of £54 million on a debt-free  basis  (the
'Acquisition').  Prior to completion, a dividend of £5 million
will  be  payable  to Celltech Chiroscience  out  of  existing
ChiroTech cash balances.

ChiroTech  is  a highly regarded company in the  provision  of
chiral  technology products and services to  the  global  life
sciences industries.

The  Acquisition meets one of Ascot's principal objectives  by
adding   to   the   development  of  its  international   fine
(pharmaceutical)   and   speciality   chemicals    outsourcing
businesses.   The  Acquisition will be  financed  out  of  new
committed bank facilities provided by Ascot's current  banking
syndicate.

Background to and reasons for the Acquisition

On  1 September 1998 Ascot acquired a 30 per cent interest  in
ChiroTech for £30 million in cash.  The remaining 70 per  cent
interest  in  ChiroTech  was retained  by  Chiroscience.   The
rights attaching to the shares acquired included, inter  alia,
a  preferential dividend of £3 million per annum and  priority
ranking  over all other equity capital.  In addition,  Ascot's
fine   chemicals  manufacturing  subsidiary,  Mitchell   Cotts
Chemicals,   entered  into  a  manufacturing  agreement   with
ChiroTech  to  combine their respective  strengths  in  chiral
technology and pharmaceutical intermediates manufacturing.

At  the time of the acquisition of its 30 per cent interest in
ChiroTech,  Ascot entered into a Shareholders' Agreement  with
Chiroscience under which it obtained the right, in  the  event
of  a  change  of control of Chiroscience, either to  purchase
from Chiroscience the shares in ChiroTech not already owned by
it  (the Call Option) or to sell its holding in ChiroTech back
to Chiroscience (the Put Option).

The  Boards of Ascot and Celltech Chiroscience have agreed  to
suspend  the  termination  and  valuation  provisions  of  the
Shareholders'  Agreement  and have agreed  the  terms  of  the
Acquisition,   including  the  timetable  and   consideration,
outside  the  terms  of  the  Shareholders'  Agreement.  Ascot
retains  the  right to acquire the remaining 70  per  cent  or
dispose  of its existing 30 per cent interest in ChiroTech  by
virtue  of the exercise either of its Call Option or  its  Put
Option at the end of the suspension period.

Particular benefits to Ascot expected to arise from the
Acquisition include:

* Increased exposure to a high growth sector
  
* Independence from Chiroscience which is expected to
  generate opportunities for ChiroTech with customers who
  previously would not allow confidential technology to be
  developed by a subsidiary of a competitor

* The  provision  of  a comprehensive and  cost  effective
  pharmaceutical and chemical outsourcing service through  one
  group

* The  continued  development of Ascot's  global  chemical
  outsourcing  business  is  enhanced  by  the  capability  to
  determine  and prioritise the strategic focus of  ChiroTech,
  including the re-investment of its free cash flows

Information on ChiroTech

ChiroTech  is  a  global chiral technology business  based  in
Cambridge.  Its products and services include the development,
manufacture  and supply of chiral intermediates  to  the  life
sciences   industries;  contract  research   and   development
services;  supply  of  catalysts  for  use  in  pharmaceutical
development  and  manufacture; and building blocks  of  chiral
chemicals  which  aid  drug  discovery  processes   and   lead
optimisation.

ChiroTech's  business is currently structured  into  four  key
areas:  Advanced Chiral Products; ChiroSure; ChiroCats;  and
ChiroChem.

1.   Advanced Chiral Products

     The  development  and supply of advanced chiral  products
     ('ACPs')  is  the  primary revenue and profit  generating
     activity  of ChiroTech.  ChiroTech collaborates with  its
     pharmaceutical customers from the initial stages of  drug
     development  either by producing chiral intermediates  or
     by  developing improved production processes.   ChiroTech
     therefore  maximises  its potential  involvement  in  the
     complete drug development and manufacturing process.

     Chiral  intermediates  are  supplied  in  anything   from
     kilogram to multi-tonne quantities.  Small quantities are
     manufactured   by   ChiroTech  using  its   pilot   plant
     facilities;  larger  quantities  are  manufactured  under
     contract  for  ChiroTech  by  Mitchell  Cotts  Chemicals,
     Shasun Chemicals & Drugs (India) and other manufacturers.

     ChiroTech  has  built considerable expertise  and  worked
     with major pharmaceutical companies in the development of
     anti-viral,  and in particular HIV-related, drugs.   This
     has  been  a focus of drug development activity  for  the
     pharmaceutical  industry in recent years.   In  addition,
     ChiroTech is working in other therapeutic areas including
     anti-cancer,  anti-inflammatory,  anti-viral  (influenza)
     and  neurological  products.  ChiroTech's  key  customers
     include  Glaxo Wellcome, Pfizer, Alcon, UCB, Pharmacia  &
     Upjohn, Triangle, and Ortho-McNeil.

     One  of  the main ACP products currently supplied is  (-)
     lactam  for which ChiroTech holds worldwide substance  of
     matter  and process patent rights until 2010.   The  most
     significant  current use is in the production  of  Ziagen
     (Abacavir), Glaxo Wellcome's recently launched anti-viral
     HIV  drug.   (-)  lactam  is also generating  significant
     revenues  from  other customers and in other  therapeutic
     areas.

2.   ChiroSure

     ChiroTech   provides   its  clients  with   collaborative
     contract  research  and development, and  chiral  problem
     solving services.
     
     ChiroTech  has  a track record in this area  of  over  50
     projects  over  the  last five years  and  has  a  proven
     history  with  major  pharmaceutical  customers  such  as
     Pfizer,  Pharmacia  and  Upjohn, Alcon  Laboratories  and
     Triangle Pharmaceuticals.
     
3.   ChiroCats

     ChiroTech  has exclusively licensed a number of catalysis
     technologies.  Catalysts are powerful reactive substances
     used in the chemical manufacture of chiral intermediates.

     Catalysts  improve the economic scale and  efficiency  of
     manufacturing processes.  The catalysts are used  in  the
     pharmaceutical, fine chemicals, agrochemical and flavours
     and fragrances industries.

4.   ChiroChem

     ChiroChem  provides chiral building blocks  in  order  to
     enhance  discovery  chemistry and  lead  optimisation  in
     order  to  reduce the time to market for  its  customers.
     Earnings  are expected to be generated when the  customer
     finds  a  suitable  compound and  requests  ChiroTech  to
     supply  larger  quantities.  In December  1998  ChiroTech
     established a joint venture with CombiChem based  in  San
     Diego, California, named ChiroChem Discovery Services  to
     design,  synthesise and market targeted chiral  libraries
     of chemical compounds. ChiroTech has also recently formed
     an  alliance  with  Lancaster Synthesis  to  establish  a
     specialised catalogue of chiral compounds.
     
Through  the  above  product  and  service  groups,  ChiroTech
generates  revenues  from a broad range  of  products  in  all
clinical   phases   of  pharmaceutical  product   development.
ChiroTech is currently working on four launched products,  six
projects  which  are in Phase III clinical trials,  a  further
five  projects which are in Phase II clinical trials, and many
other projects which are at earlier stages of development.

In  addition  to  its existing in-house technology,  ChiroTech
maintains  relationships  with academic  experts  based  in  a
number  of  prominent universities around the world.   As  new
technologies  are  developed by such academic  experts,  these
relationships    assist    ChiroTech    in    licensing    and
commercialising  the  technology in  the  development  of  its
customers' pharmaceutical products.

ChiroTech  has  recently moved to new offices  and  laboratory
premises,  comprising  10,000 square feet,  on  the  Cambridge
Science park, which are separate from Chiroscience.

In summary, the Directors believe that the key strengths of
ChiroTech include:

* Patent protected proprietary technologies and scientific
  know-how

* Laboratory and scale up (pilot plant) capabilities allied
  with manufacturing capabilities

* Strong  market  reputation  and  established  long-term
  relationships   with  an  extensive  list  of  international
  customers

Market

According to recent market research, about 30 per cent of  the
total  drug  market  and approximately 80 per  cent  of  drugs
entering  development  are chiral.  The  chiral  intermediates
market  is  estimated to be in the range of £3 billion  to  £4
billion per annum and growing at between 8 and 10 per cent per
annum. Pharmaceutical companies increasingly outsource process
research  and  intermediate manufacturing.  This  is  for  the
following reasons:

* an increasing level of drug discovery activity

* the need to shorten the time period between initiation of
  drug development and product launch

* increasing complexity of drug design and integration  of
  chirality into the design; and

* a  preference by regulators for chiral drugs which  have
  greater  therapeutic  effects and reduce  the  incidence  of
  adverse side effects

This  trend  towards  outsourcing is  driving  growth  in  the
intermediates  market,  particularly for  processes  involving
chirality.

Management

The Board of ChiroTech currently comprises a managing director
and  two non-executive directors (one representing Ascot,  and
the  other  Chiroscience). The senior management team  of  six
includes  five  PhD scientists and this team  will  remain  in
place following completion of the Acquisition.

The  non-executive  director appointed  by  Chiroscience  will
resign  with  effect  from completion.  The  current  managing
director of ChiroTech, Alan Shaw, resigned on 12 August  1999,
in  order to pursue an alternative career opportunity. In line
with normal Group policy, ChiroTech will report into the Board
through Ascot's special operations team.

ChiroTech's trading record

The  table  below sets out ChiroTech's turnover and  operating
profit in the last three financial years:-

                                       Year ended 28 February
                                     1999      1998       1997
                                    £'000     £'000      £'000
                                                              
Revenues                           30,082    15,985      9,199
Cost of sales                     (13,749)   (6,735)    (6,698)
                                                              
Gross profit                       16,333     9,250      2,501
Sales, general and
 administrative costs              (1,623)   (1,314)      (974)
Research and development costs     (2,181)     (830)      (283)
                                                              
Operating profit                   12,529     7,106      1,244
                                                              

Over  the  last  three years ChiroTech has experienced  strong
growth in sales and operating profit. The clinical development
and subsequent launch (including pre-launch stock building) of
Glaxo  Wellcome's  new HIV drug, Ziagen, for  which  ChiroTech
supplied  a (-) lactam intermediate, contributed significantly
to  this strong growth. The net assets of ChiroTech as  at  28
February 1999 were £2.9 million.

Ascot's current trading and prospects

As  stated in the Company's recent announcement of its interim
results  on 8 September 1999, Ascot has achieved record  sales
and  profits  in  the first six months of this financial  year
together  with a significant increase in earnings  per  share.
The integration of Haltermann with Ascot's existing speciality
chemicals  operations is progressing well and has  contributed
significantly  to  the strong performance  in  the  speciality
chemicals business this year.

In  its  interim  results  Ascot reported  a  contribution  to
operating  profit  of  £2.3 million for its  30%  interest  in
ChiroTech.  This reflected (-) lactam deliveries by  ChiroTech
continuing at a high level beyond 28 February 1999 as a result
of  Ziagen  production for the first half of 2000.   With  the
stock  build programme now completed no further sales  of  the
product  to  Glaxo  Wellcome are expected before  quarter  two
2000.   This will effect ChiroTech's contribution to the Ascot
results  for  the  financial year  ending  31  December  1999.
However,   the  ChiroTech  revenue  base  is  now   broadening
considerably and the Board currently expects new  products  to
make  a  positive contribution to the Enlarged Group's trading
performance  in Ascot's next financial year.  The  Acquisition
is  expected to be earnings enhancing in the first  full  year
following completion.

Extraordinary General Meeting

Notice  convening an Extraordinary General Meeting to be  held
at  the  offices of Dresdner Kleinwort Benson at 20  Fenchurch
Street, London, EC3P 3DB on 15 October 1999 will be set out in
a  circular due to be sent to shareholders today.  The purpose
of the Extraordinary General Meeting is for Ascot shareholders
to  consider  and,  if thought fit, to pass  a  resolution  to
approve the Acquisition.


Date      29 September 1999

Contacts  Howard Dyer, Executive Chairman
          Martin Rogers, Finance Director
          Ascot Plc                              0171 815 0805

          Charles Batten / Michael Bedford
          Dresdner Kleinwort Benson              0171 623 8000

          David Bick
          Holborn Public Relations               0171 929 5599
                                    [e-mail]

Notes to Editors

Chirality  is  the  property  of  molecules  containing   non-
superimposable mirror-image structures which, when  separated,
differ  in  their interaction with biological matter.   Chiral
technologies  are  utilised  to  separate  these  mirror-image
structures.     Pharmaceutical   companies   and    regulatory
authorities  have recognised the importance  of  chirality  in
drug  development  for providing improved  chemistry,  greater
therapeutic effects and fewer adverse side effects.

ChiroTech's expertise covers all the main elements  of  chiral
technology  and  its  services  are  provided  to  blue   chip
pharmaceutical,   health  care,  agrochemical   and   chemical
customers  around  the  world.  Pharmaceutical  companies  are
increasingly outsourcing their chiral product development  and
manufacturing,  and  focusing on drug discovery  in  order  to
reduce  the  time  and cost required to  bring  new  drugs  to
market.