Cambridge Antibody Technology announces that Wyeth has exercised an option to licence CAT's proprietary antibody phage display libraries for in-house use. The libraries will support Wyeth's activities in therapeutic antibody drug discovery and development across a broad range of therapeutic areas. This option to licence CAT's libraries was granted to Wyeth as part of the collaboration agreement entered into in March 1999.

In return for Wyeth's exercise of the option, CAT will receive an upfront licence fee. Wyeth has a number of exclusive therapeutic and diagnostic antibody product options related to its use of the library, which, if exercised, will result in CAT receiving a product licence fee and potential milestone and royalty payments.

Peter Chambré, CEO of CAT, commented "We have developed an excellent relationship with Wyeth over the past four years that has already resulted in Wyeth taking two exclusive product licences to human antibodies identified through work carried out at CAT in collaboration with Wyeth. This collaboration has clearly demonstrated the value of our platform technology and we are pleased that Wyeth has chosen to take this technology in house."