ARTICLE | Finance

Best of both worlds

March 6, 2000 8:00 AM UTC

U.K investors flocked to the double-dip genomics-antibody play offered up by Cambridge Antibody Technology (LSE:CAT), which leapt 2050p (112 percent) to 3875p on the coattails of its 10-year deal with Human Genome Sciences (HGSI) to develop human antibodies using CAT's phage display technology and HGSI's antigens. CAT, which also said it plans to raise money in the near future, saw its market cap pushed up £564 million to £1.1 billion ($1.7 billion) (see BioCentury Extra, March 1 and March 2).

The convergence story wasn't lost on the PR meisters for HGSI, who proclaimed that "Human Genome Sciences Catapults to Leadership in Genomics-Based Human Antibody Product Development." The stock added $7 to $225.25 on Wednesday's news. The shares pulled back to $216 by Friday, still up $10 on the week. HGSI also announced a gene partnership with Compugen and plans to call for redemption of its $200 million in convertible notes for a total of 2.8 million common shares plus an additional $150 payment per $1,000 note (see B3 & B18)...