RNS Number:5049M
Protherics PLC
19 June 2003

   Not for release, publication or distribution in or into the United States,
                           Canada, Australia or Japan


                               Recommended Offer

                     By WestLB Panmure Limited ("Panmure")

                                  On behalf of

                         Protherics PLC ("Protherics")

      To acquire the whole of the issued and to be issued share capital of

                           Enact Pharma plc ("Enact")


                  Offer declared unconditional in all respects



Panmure is pleased to announce on behalf of Protherics that all outstanding
conditions have now been either satisfied or waived and, accordingly, that the
Offer is unconditional in all respects. The Offer remains open for acceptances
until further notice.


The consideration to which accepting Enact Shareholders are entitled will be
posted (i) in the case of acceptances received (complete in all respects) by
3.00 p.m. on 18th June, within 14 days of this date; or (ii) in the case of
acceptances received (complete in all respects) after 3.00 p.m. on 18th June but
while the Offer remains open, within 14 days of such receipt.


At 3.00 p.m. on 18th June, valid acceptances of the Offer made by WestLB Panmure
on behalf of Protherics had been received in respect of a total of 37,721,147
Enact Shares, representing approximately 89.37 per cent. of Enact's issued share
capital. None of such acceptances have been received from persons acting in
concert with Protherics.


Prior to the commencement of the Offer, irrevocable undertakings to accept the
Offer had been received in respect of, in aggregate, 11,612,830 Enact Shares,
representing 27.5 per cent. of Enact's issued share capital. In addition,
Protherics received a non-binding letter of intent to accept the Offer in
respect of a further 10,004,277 Enact Shares representing 23.7 per cent. of
Enact's issued share capital. Valid acceptances have been received in respect of
all of the shares subject to these undertakings and the letter of intent and are
included in the above total.


Other than as set out above, neither Protherics nor any person acting, or deemed
to be acting, in concert with it held any Enact Shares as at 1 May 2003, the day
before the commencement of the Offer Period, or has acquired or agreed to
acquire any Enact Shares (or rights over such shares) during the Offer Period.


The Offer will remain open for acceptance until further notice.


Upon Protherics receiving acceptances under the Offer in respect of, and or
otherwise acquiring, 90 per cent. or more of the Enact shares to which the Offer
relates, Protherics intends to apply the provisions of sections 428 to 430F of
the Companies Act 1985 (as amended) to acquire compulsorily any Enact Shares in
respect of which valid acceptances have not been received.


Enact Shareholders who have not yet accepted the Offer are urged to complete and
return their Form of Acceptance as soon as possible.


As described in the Offer Document, Protherics intends to apply to OFEX for the
cancellation of the trading in Enact Shares. Accordingly, the notice period of
20 business days has commenced and it is expected that the listing of Enact's
shares will be cancelled on 10th July.


Terms defined in the Offer Document dated 7 May 2003 have the same meaning in
this press release unless the context otherwise requires.


19 June 2003


Protherics PLC
Andrew Heath, Chief Executive                                    020 7246 9950
Barry Riley, Finance Director                                    01928 518000


WestLB Panmure Limited
Juliet Thompson                                                  020 7020 5462


Enact Pharma plc                                                 
James Cooper                                                     07740 835289


The Maitland Consultancy
Brian Hudspith                                                   020 7379 5151
Simone Cheetham



WestLB Panmure Limited, which is regulated in the United Kingdom by The
Financial Services Authority, is acting exclusively for Protherics in connection
with the Offer and no-one else and will not be responsible to anyone other than
Protherics for providing the protections afforded to customers of WestLB Panmure
Limited, nor for giving advice in relation to the Offer.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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