Re share price rise
London, UK; Brentwood, TN, US; 13 August 2008 - Protherics PLC
("Protherics" or the "Company"), the international biopharmaceutical
company focused on critical care and cancer, notes today's rise in the
Company's share price and confirms it has received approaches from a
number of parties interested in acquiring Protherics, which the board
is considering. However, there can be no certainty that any
formal offer will be made, nor as to the terms on which any offer might
A further announcement will be made in due course.
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers
(the "Code"), Protherics confirms that at the close of business on 12
August 2008, it has 342,159,034 ordinary shares of 2 pence each in
issue and admitted to trading on the London Stock Exchange under the UK
ISIN code GB00070290.
For further information please contact:
+44 (0)20 7246 9950
Andrew Heath, CEO
Rolf Soderstrom, Finance Director
Nick Staples, Director of Corporate Affairs
Jefferies International Ltd.
+44 (0)20 7029 8000
Nomura Code Securities Ltd.
+44 (0) 207 776 1200
Financial Dynamics - press enquiries
+44 (0) 20 7831 3113
Or visit www.Protherics.com
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or
becomes, interested" (directly or indirectly) in 1% or more of any
class of "relevant securities" of Protherics, all "dealings" in any
"relevant securities" of that company (including by means of an option
in respect of, or a derivative referenced to, any such "relevant
securities") must be publicly disclosed by no later than 3.30 pm
(London time) on the London business day following the date of the
relevant transaction. This requirement will continue until the date on
which the offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the "offer
period" otherwise ends. If two or more persons act together pursuant to
an agreement or understanding, whether formal or informal, to acquire
an "interest" in "relevant securities" of Protherics, they will be
deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in
"relevant securities" of Protherics by a potential offeror, or
by Protherics, or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London
business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant
securities""dealings" should be disclosed, and the number of such
securities in issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk."Interests in securities" arise, in summary,
when a person has long
economic exposure, whether conditional or absolute, to changes in the
price of securities. In particular, a person will be treated as having
an "interest" by virtue of the ownership or control of securities, or
by virtue of any option in respect of, or derivative referenced to,
securities. Terms in quotation marks are defined in the Code, which can
also be found on the Panel's website. If you are in any doubt as to
whether or not you are required to disclose a "dealing" under Rule 8,
you should consult the Panel.
The Directors of Protherics accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief
of the Directors of Protherics, who have taken all reasonable care to
ensure that this is the case, this information is in accordance with
the facts and does not omit anything likely to affect its import. This
announcement does not constitute an offer or invitation to purchase or
subscribe for any securities of the Company.
Jefferies International Limited, which is authorised and regulated in
the UK by The Financial Services Authority, is acting exclusively
for Protherics and no one else in connection with the matters referred
to in this announcement and, accordingly, will not be responsible to
anyone other than Protherics for providing the protections afforded to
customers of Jefferies International Limited or for providing advice in
relation to the matters referred to in this announcement.
Notes for Editors:
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading
internationalbiopharmaceutical company focused on specialist products for
care and cancer.
Protherics has produced two FDA approved biologics for critical care
use which are currently sold in the US: CroFabTM, a North American pit
viper antivenom and DigiFabTM, a digoxin antidote. Protherics reported
revenues of GBP26.1 million for its year ended 31 March 2008 and a
strong cash balance of GBP37.7 million. The Company's strategy is to
use the revenues generated from its marketed and out-licensed products
to help fund the advancement of its broad, late stage pipeline.
Protherics has two major development opportunities in its portfolio.
CytoFabTM is being developed by AstraZeneca, for the treatment of severe
sepsis, following a major licensing deal announced in December 2005.
AstraZeneca is conducting an additional phase 2 programme following
changes to the commercial manufacturing process. A new formulation of
Angiotensin Therapeutic Vaccine, for the treatment of hypertension, has
today commenced a phase 2a study. Protherics also has four novel
products being developed in a range of cancer indications where it
intends to undertake the sales and marketing in the US and/or the EU.
With headquarters in London, the Company has approximately 300
employees across its operations in the UK, US and Australia.
For further information visit: www.Protherics.com
This document contains forward-looking statements that involve risks
and uncertainties including with respect to products under development
and the progress and completion of clinical trials. Although we
believe that the expectations reflected in such forward-looking
statements are reasonable at this time, we can give no assurance that
such expectations will prove to be correct. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Actual results could differ materially from
those anticipated in these forward-looking statements due to manyimportant
factors discussed in Protherics' Annual Report on Form 20-F
and other reports filed from time to time with the U.S. Securities
and Exchange Commission. We do not undertake to update any oral or
written forward-looking statements that may be made by, or on behalf
This information is provided by RNS
The company news service from the London Stock Exchange