Recommended Cash Offer by AstraZeneca UK Limited for Cambridge Antibody Technology Group plc Offer Declared Unconditional and Initial Offer Period Extended

As at 3.00pm (London time), 10.00am (New York City time) on 21 June 2006, being the first closing date of the recommended cash offer for the entire issued and to be issued share capital of CAT not otherwise held by AstraZeneca, valid acceptances of the Offer had been received in respect of 31,661,730 CAT Shares (including CAT Shares represented by 1,840,347 CAT ADSs), representing approximately 73.7 per cent. of the CAT Shares to which the Offer relates. None of these acceptances were received from persons acting in concert with AstraZeneca. Of these valid acceptances, valid elections for the Loan Note Alternative had been received in respect of a total of 516,924 CAT Shares. Including the 5,600,000 CAT Shares acquired by AstraZeneca on 23 May 2006, AstraZeneca has acquired, or received valid acceptances of the Offer in respect of, 37,261,730 CAT Shares (including CAT Shares represented by 1,840,347 CAT ADSs) in aggregate, representing approximately 86.7 per cent. of the CAT Shares to which the Offer relates.

For the purposes of this announcement, the number of CAT Shares (including those represented by CAT ADRs) to which the Offer relates is 42,988,803, being the 53,206,786 shares in issue as of the date of this announcement less the 10,217,983 shares held by AstraZeneca prior to the commencement of the Offer Period.
Including the 10,217,983 CAT Shares held by AstraZeneca prior to the commencement of the Offer Period, AstraZeneca has acquired, or received valid acceptances of the Offer in respect of, 47,479,713 CAT Shares (including CAT Shares represented by 1,840,347 CAT ADSs) in aggregate, representing 89.2 per cent. of the existing issued share capital of CAT.
In addition to CAT ADSs tendered prior to 3.00pm (London time), 10.00am (New York City time), on 21 June 2006, 263,740 ADSs are subject to notice of guarantee delivery period.
AstraZeneca hereby waives Condition 1 to the Offer (i.e., the 90 per cent. minimum acceptance condition). All of the conditions of the Offer have now been satisfied or waived and the Offer has been declared unconditional in all respects.

The Initial Offer Period is extended and remains open for acceptance, and withdrawal rights of persons that have tendered their securities into the Offer continue to exist, until the closing of the Initial Offer Period which is now expected to be 3.00pm (London time), 10.00am (New York City time) on 29 June 2006, unless further extended.
Prior to the announcement of the Offer, AstraZeneca had received irrevocable undertakings to accept the Offer in respect of 190,569 CAT Shares in aggregate*, representing approximately 0.36 per cent. of the existing issued share capital of CAT. Valid acceptances have been received in respect of all of these CAT Shares and such acceptances are included in the total referred to above.

As at the date of this announcement, affiliates of Goldman Sachs International and Deutsche Bank (who are acting in concert (within the meaning of the City Code) with AstraZeneca) held 78,084 CAT Shares in aggregate, representing 0.15 per cent. of the existing issued share capital of CAT.

To the extent they have not already done so, holders of CAT Shares and CAT ADSs who hold such securities in certificated form who have not yet accepted the Offer but wish to do so should complete and return their Form of Acceptance and Letter of Transmittal as soon as possible in accordance with the instructions set out in the Offer Document and in the Form of Acceptance and Letter of Transmittal. The CAT Shareholders and ADS holders who hold their CAT Shares in uncertificated or book-entry form and who have not yet accepted the Offer but wish to do so are reminded to take the necessary steps through CREST or their respective Agent Institution (as applicable) as soon as possible.
Settlement of the consideration to accepting CAT Shareholders and accepting holders of CAT ADSs (including holders of CAT ADSs that deliver a Notice of Guaranteed Delivery in a timely manner) or their designated agents will, except with the consent of the Panel, be effected as set out below:

(a) in the case of acceptances received complete in all respects by today and not subsequently withdrawn, within 14 calendar days; or

(b) in the case of acceptances received complete in all respects after today but while the Offer remains open for acceptance, within 14 calendar days of such receipt.

Holders of CAT Shares and ADSs who have already accepted the Offer, but whose willingness to accept the Offer may be affected by the termination of their withdrawal rights following the close of the Initial Offer Period (which will be on 29 June 2006, at the earliest) have the right, until the Initial Offer Period closes for acceptance, to withdraw their acceptances with respect to such securities.

Defined terms used in this announcement have the same meanings as in the Offer Document dated 23 May 2006.

*Beneficial title to the 9,529 CAT shares in respect of which Peter Chambré gave an irrevocable undertaking, and which were beneficially held by Peter Chambré’s wife, was transferred to Peter Chambré after 23 May 2006.


Enquiries:

AstraZeneca
Media Enquiries:
Steve Brown (London) +44 (0)20 7304 5033
Edel McCaffrey (London) +44 (0) 20 7304 5034
Staffan Ternby (Sweden) +46 8 553 26107
Analyst/Investor Enquiries:
Jonathan Hunt (London) +44 (0) 20 7304 5087

Goldman Sachs International +44 (0) 20 7774 1000
Guy Slimmon
Mark Sorrell