October 2002
Cambridge Display Technology (CDT) Adds Opsys OLED Technology to its Intellectual Property Portfolio
Technology merger offers advantages for next generation flat panel displays and lighting applications.
Cambridge Display Technology (CDT) today announced the acquisition of Oxford, UK-based Opsys' business related to the intellectual property (IP), commercialisation, and technology development of organic light emitting diode (OLED) display technologies.
Under the terms of the agreement, CDT receives ownership of all rights to Opsys' dendrimer OLED technology. CDT also assumes management of the commercial and technical development of Opsys' Oxford, UK business, which includes facilities and staff dedicated to dendrimer OLED technology. Financial terms of the agreement include an immediate payment in cash and deferred payment in CDT shares to Opsys. Additionally, Opsys' US business, which is not part of the agreement, will retain privileged rights to use dendrimers and other technologies developed by Opsys.
"We believe that the dendrimer technology developed by Opsys has
excellent potential as a basis for future generation materials for OLED
displays," said David Fyfe, CEO of CDT. "This agreement with
Opsys is in line with our strategy of consolidating IP in the OLED space
in order to enhance the attractiveness of our technology offering to
existing and prospective licensees. Of equal importance, we are adding
over 25 highly-skilled scientists from Opsys to our team."
Michael Holmes, CEO of Opsys, said of the deal, "We believe that this transaction will combine the strengths of two dynamic teams, which are working together with the UK's two leading universities, to further advance display technology. The terms of the deal also present the prospect of a very satisfactory return for our shareholders."
Toppan Printing Limited of Japan, which had previously invested in
Opsys as part of a joint dendrimer development agreement, will invest
in CDT as a major corporate shareholder and partner. Toppan will also
convert its existing shareholding in Opsys into an equivalent holding
in CDT. The joint development work begun with Opsys will be transferred
to CDT.
CDT and Opsys have been developing organic display technology for electronic
displays and lighting applications. Both companies were founded based
on fundamental research undertaken at British universities - CDT in
1992, after initial research at the University of Cambridge; Opsys in
1997, after initial research at the University of Oxford.
The OLED display market has been forecast to grow as high as $2.5 billion in revenue by 2007 and consists of a wide range of electronics products, including mobile phones, PDAs, digital cameras, camcorders, microdisplays, and eventually personal computers, television and other consumer products. CDT's technology is based on light emitting polymers that can be deposited using solution-based processes, such as ink jet printing, which CDT believes can lead to higher throughput and yield, and lower cost manufacture of high resolution electronic displays. Opsys' dendrimer technology can also be solution processed. The companies believe that combining their respective technologies to produce displays that can be further optimised for high efficiency and low-voltage operation, will provide improvement over current display technology offerings.
Notes to Editors
This announcement is provided in conjunction with a companion announcement, 'Toppan Printing Invests in Cambridge Display Technology', released October 28, 2002 by Toppan Printing Co. Ltd.
About CDT
Cambridge Display Technology (CDT) is a privately held company leading the research, development and commercialization of polymer technology for flat panel displays, lighting, and photovoltaics. CDT's light emitting polymer (LEP) technology is targeted for use in a wide range of electronic display products used for information management, communications and entertainment. Features include reduced power consumption, size, thickness and weight, very wide viewing angle, superior video imaging performance and the potential to produce displays on plastic substrates. To date, licenses have been granted to Delta Optoelectronics, DuPont Displays, MicroEmissive Displays, OSRAM, Philips, and Seiko-Epson.
CDT is promoting LEP technology development and speeding its commercialization through a global business strategy including co-developments with leading companies in a wide range of display and related technology areas. Founded in 1992, the company is headquartered in Cambridge, U.K. and has a LEP manufacturing development center in Godmanchester, U.K.
In 2002, CDT was awarded Britain's most prestigious engineering prize, the Royal Academy of Engineering MacRobert Award for its developments in engineering the rapid commercialization of LEP technology and its contribution to establishing the U.K. as a hot bed for innovation in science and engineering on the world stage. More information about CDT is available at: www.cdtltd.co.uk
About Opsys Limited
Opsys, headquartered in Oxford, UK, was spun-out from the University of Oxford in 1997 to advance cutting edge light emitting technology for flat displays. Opsys' researchers worked closely with academics from both Oxford and St Andrews Universities in order to put innovative technologies on to an industrial development footing.