STOCKHOLM, Sweden, June 2, 2005 (PRIMEZONE) -- A special general meeting of the shareholders in the American company Argonaut Technologies Inc has approved Biotage's bid to acquire parts of Argonaut's business. The acquired operations will thus be included in Biotage AB effective June 3, 2005.
In March 2005 Biotage announced its intention to acquire the reagents and process instruments business from Argonaut Technologies Inc. The purchase price is approx. 155 MSEK (21.2 MUSD). Through the acquisition Biotage's offering in medicinal chemistry will be strengthened and the company will get a complete product portfolio in microwave synthesis, purification systems and reagents, enabling faster and more efficient development of new drug candidates.
Biotage has obtained short-term bank financing for the acquisition and the purchase price will be paid in cash. The company will present a long-term financing solution within the next few months.
"It's very gratifying that Argonaut's shareholders have now given their approval of the acquisition. Biotage will thus increase its sales by approx. 125 MSEK. The acquisition strengthens our offering in medicinal chemistry substantially and with a complete product portfolio we can offer our customers considerable cost savings. We will now immediately start integrating the acquired businesses," says Jeff Bork, president and CEO of Biotage.
About Biotage
Biotage is a global company active in life science research with strong technologies, a broad range of operations and a long-term view of the market. The company offers solutions, knowledge and experience in the areas of genetic analysis and medicinal chemistry. Customers include the world's top 30 pharmaceutical companies, 20 largest biotech companies and leading academic institutes. The company is headquartered in Uppsala and has offices in the U.S., Japan and several European countries. Biotage has approx. 230 employees and had sales of 367 MSEK in 2004. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
Certain statements in this press release are forward-looking. These may be identified by the use of forward- looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Biotage's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Biotage notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the microwave synthesis and flash purification in the drug discovery market, DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Biotage's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
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