Offer for DRC

Cambridge Antibody Tech Group PLC
4 February 2002



02/CAT/06



Not for release or publication in or into Japan, Australia or the Republic of
Ireland

FOR IMMEDIATE RELEASE

17.00 GMT 12.00 EST Monday 4 February 2002
For Further Information Contact:

Cambridge Antibody Technology              Weber Shandwick Square Mile (Europe)

Tel: [phone]                  Tel: [phone]

David Chiswell, Chief Executive Officer    Kevin Smith

John Aston, Finance Director               Graham Herring

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

                                           Tel: [phone]

                                           Brad Miles, ext. 17 (media)

                                           Brandon Lewis, ext. 15 (investors)



                          RECOMMENDED SHARE OFFER FOR
                    DRUG ROYALTY CORPORATION INC. ('DRC') BY
                CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC ('CAT')

Melbourn, UK ... The offer documents setting out the full terms and conditions
of CAT's offer for all of the issued shares of DRC, announced on 17 January
2002, are being posted to DRC's shareholders today.

In addition to the offer documents, Listing Particulars are also being sent
today to DRC's shareholders in accordance with the requirements of the UK
Listing Authority.

                                     -ENDS-



Notes to Editors:

Cambridge Antibody Technology (CAT)

  • CAT is a UK biotechnology company using its proprietary technologies in
    human monoclonal antibodies for drug discovery and drug development. Based
    near Cambridge, England, CAT currently employs around 250 people.
  • CAT is listed on the London Stock Exchange and on NASDAQ since June 2001.
    CAT raised £41m in its IPO in March 1997 and £93m in a secondary offering in
    March 2000.
  • CAT has an advanced platform technology for rapidly isolating human
    monoclonal antibodies using phage display systems. CAT has extensive phage
    antibody libraries, currently incorporating more than 100 billion distinct
    antibodies. These libraries form the basis for the Company's strategy to
    develop a portfolio of antibody-based drugs and to utilise antibodies as
    tools for target validation. Six human therapeutic antibodies developed by
    CAT are at various stages of clinical trials.
  • CAT has alliances with a large number of biotechnology and pharmaceutical
    companies to discover, develop and commercialise human monoclonal
    antibody-based products. CAT has also licensed its proprietary human
    antibody phage display libraries to several companies for target validation
    and drug discovery. CAT's collaborators include: Abbott, AMRAD, Elan, Eli
    Lilly, Genetics Institute, Genzyme, Human Genome Sciences, Immunex, Incyte,
    Merck & Co., Inc, Oxford GlycoSciences, Pharmacia, Pfizer, Wyeth-Ayerst,
    Xerion and Zyomyx.



Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains statements about CAT that are forward
looking statements. All statements other than statements of historical facts
included in this press release may be forward looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934.

These forward looking statements are based on numerous assumptions regarding
CAT's present and future business strategies and the environment in which CAT
will operate in the future. Certain factors that could cause CAT's actual
results, performance or achievements to differ materially from those in the
forward looking statements include: market conditions, CAT's ability to enter
into and maintain collaborative arrangements, success of product candidates in
clinical trials, regulatory developments and competition.







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