Press Release

MoFo Advises on Innovative Strategic Alliance between Cambridge Antibody Technology and AstraZeneca

London (November 22, 2004) Morrison & Foerster has advised Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) on a major strategic alliance with AstraZeneca (LSE: AZN, NASDAQ: AZN) to discover and develop human antibody therapeutics in inflammatory disorders. The alliance has an innovative partnership structure and will be co-funded and co-managed by the partners.

The alliance will include a five-year discovery initiation phase during which the partners will jointly initiate a minimum of 25 discovery programmes. The committed joint research investment will be a minimum of $175m during this phase which the parties will fund 50:50.

Following the completion of the discovery phase, the parties may each elect to continue funding programmes into development. If both parties so elect, the programme will be jointly funded until Clinical Proof of Concept (end of Phase IIb trials), unless either party opts-out earlier. In addition, CAT has the option to continue to fund jointly the development of one in every five products that reach Clinical Proof of Concept up to product launch.

AstraZeneca will receive the rights to opt-in to, and develop jointly, CAT discovery programmes existing at the commencement of this alliance and also certain future discovery programmes that CAT may independently initiate. CAT has rights to co-promote in the U.S. products resulting from these programmes.

CAT anticipates that its investment in the alliance will be the principal focus of its research investment during the next five years.

London-based Life Sciences partner, Julian Thurston, commented, "This major Alliance covering the target evaluation phase right through to final commercialisation and the innovative partnership structure created by the parties resulted in an alliance agreement of unusual complexity and originality. The Morrison & Foerster team feel very privileged to have been able to work with CAT in crafting this deal." Julian was assisted on the transaction by associate, James Ryan.

About Cambridge Antibody Technology (CAT)

CAT is a biopharmaceutical 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 280 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 and ribosome 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 capability to develop a portfolio of antibody-based drugs. CAT is listed on the London Stock Exchange and on NASDAQ. CAT raised 41m in its IPO in March 1997 and 93m in a secondary offering in March 2000.

About AstraZeneca

AstraZeneca is a major international healthcare business engaged in the research, development, manufacture and marketing of prescription pharmaceuticals and the supply of healthcare services. It is one of the world's leading pharmaceutical companies with healthcare sales of over $18.8 billion and leading positions in sales of gastrointestinal, oncology, cardiovascular, neuroscience and respiratory products. AstraZeneca is listed in the Dow Jones Sustainability Index (Global) as well as the FTSE4Good Index.




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