DRC offer expiry

Cambridge Antibody Tech Group PLC
29 April 2002



02/CAT/17

Not for release in Australia, Japan and the Republic of Ireland





FOR IMMEDIATE RELEASE

22:00 EST April 26, 2002, 03:00 GMT 27 April 2002

For Further Information Contact:

Cambridge Antibody Technology              Weber Shandwick Square Mile (Europe)

Tel: [phone]                  Tel: [phone]

John Aston, Finance Director               Kevin Smith

Rowena Gardner, Head of Corporate          Graham Herring
Communications
                                           BMC Communications/The Trout Group (USA)

                                           Tel: [phone]

                                           Brad Miles, ext 17 (media)

                                           Brandon Lewis, ext.15 (investors)



                                 EXPIRY OF BID

                   BY CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
                       FOR DRUG ROYALTY CORPORATION INC.



Melbourn, UK and Toronto, Canada... Cambridge Antibody Technology Group plc
("CAT") (LSE: CAT; NASDAQ: CATG) has announced that its offer, through its
wholly-owned subsidiary 3982904 Canada Inc., for Drug Royalty Corporation Inc.
(TSE: DRI) expired in accordance with its terms at 9:00 p.m. EST on April 26,
2002 without the conditions to the offer having been satisfied. CAT has not
extended the offer.




                                -ENDS-




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