CAT mails DRC offer extension

Cambridge Antibody Tech Group PLC
15 March 2002


02/CAT/14

Not for release or publication in or into Japan, Australia or the Republic of
Ireland

FOR IMMEDIATE RELEASE

Friday 15 March 2002

For Further Information Contact:

Cambridge Antibody Technology                 Weber Shandwick Square Mile (Europe)

Tel: [phone]                     Tel: [phone]

David Chiswell, Chief Executive Officer       Kevin Smith

John Aston, Finance Director                  Graham Herring

Rowena Gardner, Head of Corporate
Communications

Merrill Lynch (Toronto)                 BMC Communications/The Trout Group (USA)

Tel: [phone]                    Tel: [phone]

Jason Menard                            Brad Miles, ext. 17 (media)

                                        Brandon Lewis, ext. 15 (investors)



 cambridge antibody technology announces the mailing of THe notice of extension
            and variation of its offer for Drug Royalty Corporation

Melbourn UK and Toronto, Canada... Cambridge Antibody Technology Group plc
("CAT") (LSE: CAT; NASDAQ: CATG) has announced that the notice of extension and
variation is being mailed today in connection with CAT's offer to acquire all of
the outstanding common shares of Drug Royalty Corporation Inc. (TSE: DRI). The
extension and variation of the offer was previously announced on 12 March 2002.
The offer will be open for acceptance until 9:00 p.m. (EST) on 27 March 2002
unless further extended or withdrawn.


                                     -ENDS-


Notes to Editors:

Cambridge Antibody Technology (CAT)

  • CAT is a UK biotechnology company using its proprietary technologies in
    human monoclonal antibodies for drug discovery and drug development. Based
    near Cambridge, England, CAT currently employs around 270 people.
  • CAT is listed on the London Stock Exchange and on NASDAQ since June 2001.
    CAT raised £41m in its IPO in March 1997 and £93m in a secondary offering in
    March 2000.
  • CAT has an advanced platform technology for rapidly isolating human
    monoclonal antibodies using phage 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 strategy to
    develop a portfolio of antibody-based drugs and to utilise antibodies as
    tools for target validation. Six human therapeutic antibodies developed by
    CAT are at various stages of clinical trials.
  • CAT has alliances with a large number of biotechnology and pharmaceutical
    companies to discover, develop and commercialise human monoclonal
    antibody-based products. CAT has also licensed its proprietary human
    antibody phage display libraries to several companies for target validation
    and drug discovery. CAT's collaborators include: Abbott, AMRAD, Elan, Eli
    Lilly, Genetics Institute, Genzyme, Human Genome Sciences, Immunex, Incyte,
    Merck & Co., Inc, Oxford GlycoSciences, Pharmacia, Pfizer, Wyeth-Ayerst,
    Xerion and Zyomyx.

Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains statements about CAT that are forward
looking statements. All statements other than statements of historical facts
included in this press release may be forward looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934.

These forward looking statements are based on numerous assumptions regarding
CAT's present and future business strategies and the environment in which CAT
will operate in the future. Certain factors that could cause CAT's actual
results, performance or achievements to differ materially from those in the
forward looking statements include: market conditions, CAT's ability to enter
into and maintain collaborative arrangements, success of product candidates in
clinical trials, regulatory developments and competition.

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