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Galenica to complete Aspreva acquisition on 3 January

Shareholders in Canadian pharmaceutical company Aspreva accept Galenica's purchase offer of USD 26 per share for a total value of approximately USD 915m, with the deal to complete on 3 January

Shareholders in Canadian pharmaceutical company Aspreva have voted with a majority of over 99 per cent to accept Swiss-based pharmaceutical company Galenica's purchase offer of USD 26 per share for a total value of approximately USD 915m.

The transaction will be completed on 3 January 2008, subject to approval of the decision by the responsible authorities, and satisfaction of the conditions for closing. It is also planned to delist Aspreva, whose shares are currently traded on the NASDAQ Global Select Market and on the Toronto Stock Exchange, from 3 January 2008.

The Royal Bank of Scotland was the sole arranger and underwriter, while UBS Investment Bank acted as financial adviser to Galenica for this transaction. Merrill Lynch International provided Galenica with a second opinion about the transaction.

Galenica's legal advisors were Kellerhals Hess and Blake, Cassels & Graydon and Skadden, Arps, Slate, Meagher & Flom.

With the integration of Aspreva into the Galenica Group, the companies will form a new, fully integrated specialty pharma group called Vifor Pharma within Galenica's Pharma business sector. Vifor Pharma will focus on research, development and marketing of its own products on an international scale.

As a result, Galenicaís pharma business sector has been restructured, and the board of directors of the company has appointed two new members to the corporate executive committee (CEC). The two new board members are Dr Antony Coombs, future CEO of Vifor Pharma, responsible for the pharmaceutical business of the Galenica Group; and Noel Hall, co-founder of Aspreva, future head of the strategy division of the Galenica Group.

Etienne Jornod, chairman and CEO of the board of directors, will continue to head Galenicaís CEC, which will comprise the two newly appointed members and the current members: CFO Fritz Hirsbrunner; head of the health division Philippe Milliet; head of corporate development Philippe Weigerstorfer; and head of industrial operations for Vifor Pharma Gianni Zampieri.

The new organisation will come into effect on 1 January 2008.

18th December 2007

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