Matchmaker hopes push Celltech up

By DAILY MAIL REPORTER
Updated:

 

SHARES in Britain's biggest biotech Celltech soared 30p to 430p on news that it is close to finding a new marketing partner for its arthritis treatment on terms 'at least as good' as before.

The stock collapsed by almost a fifth last year when a collaboration with US drugs giant Pfizer broke down. Since then Celltech has whittled down 20 potential partners to a shortlist of four.

It hopes to launch CDP 870 for rheumatoid arthritis in 2007 and for Crohn's disease in 2006.

Celltech, with £155m cash, made underlying profits of £52.2m last year, up from £50.4m. After one-off charges, losses ballooned from £43m to £82.5m.

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