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Cambridge Antibody (CAT)

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Monday 24 March, 2003

Cambridge Antibody

Offer Update

Cambridge Antibody Tech Group PLC
24 March 2003

03/CAT/10

For further information contact:

Cambridge Antibody Technology                             Weber Shandwick Square Mile (Europe)
Tel: +44 (0) 1223 471 471                                 Tel: +44 (0) 20 7067 0700
Peter Chambre, Chief Executive Officer                    Graham Herring
John Aston, Chief Financial Officer
Rowena Gardner, Director of Corporate Communications
                                                          BMC Communications/The Trout Group (USA)
                                                          Tel: 001 212 477 9007
                                                          Brad Miles, ext 17 (media)
                                                          Brandon Lewis, ext.15 (investors)

CAT's Offer for OGS

Cambridge, UK... Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) notes
the recent press reports that Celltech (LSE: CCH; NYSE: CLL) has acquired
approximately 10 per cent. of the outstanding share capital of Oxford
GlycoSciences (LSE: OGS; NASDAQ: OGSI).

CAT reminds OGS shareholders that the proposed merger of CAT and OGS would be
effected by way of a scheme of arrangement that would require approval by a
majority in number of the shareholders who vote at the court convened meeting
representing 75 per cent. of the shares voted at that meeting. As a result, the
proposed merger of CAT and OGS can be achieved notwithstanding Celltech's recent
acquisition of OGS shares.

ENDS -



Notes to Editors

Cambridge Antibody Technology (CAT):


  • CAT is a UK-based biotechnology company using its proprietary technologies
    and capabilities in human monoclonal antibodies for drug discovery and drug
    development. Based near Cambridge, England, CAT currently employs around 290
    people.

  • CAT is a leader in the discovery and development of human therapeutic
    antibodies and has an advanced proprietary 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.

  • HumiraTM is the leading CAT-derived antibody. Six other CAT-derived human
    therapeutic antibodies are at various stages of clinical trials.

  • CAT has alliances with a large number of pharmaceutical and biotechnology
    companies to discover, develop and commercialise human monoclonal
    antibody-based products. CAT has also licensed its proprietary human phage
    antibody libraries to several companies for target validation and drug
    discovery. CAT's collaborators include: Abbott, Amgen, Amrad, Chugai, Elan,
    Genzyme, Human Genome Sciences, Merck & Co, Pharmacia and Wyeth Research.

  • 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.

    Application of the Safe Harbor of the Private Securities Litigation Reform
    Act of 1995:

    This press release contains statements about Cambridge Antibody Technology
    Group plc ('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
    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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