Orexo to acquire Biolipox - Update

Orexo to acquire Biolipox - Update

As previously announced in a press release on October 15, 2007 Orexo AB (OMX
Nordic List, Mid Cap: ORX) and the principal owners of Biolipox AB have reached
an agreement under which Orexo will acquire Biolipox, an innovative Swedish
research-based pharmaceutical company that develops new therapies for
inflammatory diseases, including pain management and respiratory diseases such
as asthma and chronic obstructive pulmonary disease (COPD).

Update
Orexo is today releasing further information pertaining to its planned
acquisition of Biolipox through an updated presentation (please see attachment).
This presentation is also available and posted on Orexo's website
(www.orexo.com)

The new information consists of a detailed review of Biolipox' product pipeline,
including clinical data from BLX-NLA product candidate for the treatment of
rhinitis, a general plan regarding what product candidates will be prioritized,
quantification of expected cost savings and synergies estimated to approximately
SEK 40m annually, further details concerning the valuation of Biolipox, and the
fact that ABG Sundal Collier has rendered a fairness opinion.

The transaction will take place through an issue in kind to Biolipox's
shareholders. The deal values Biolipox at SEK 856  million, and payment will be
made through an issue of a maximum of 8,560,000 Orexo shares. The final
structure of the transaction is dependent on Orexo's completion of due diligence
of Biolipox. The deal is also conditional upon approval of the issue in kind by
an extraordinary general meeting of Orexo and customary regulatory approvals. 

The acquisition will create an innovative specialty pharma company with a broad
product pipeline, global partnerships with major financial potential, and
established sales channels. Substantial shareholder value will be created
through operational synergies and by optimizing the combined product pipeline. 

Revised timetable
Orexo has decided to postpone the previously announced extraordinary general
meeting until November 13, 2007. The acquisition is expected to be completed at
the end of November 2007.


For further information, please contact:
Zsolt Lavotha, President and CEO, Orexo
Tel: +46-18-780 88 12 
E-mail: zsolt.lavotha@orexo.com

Claes Wenthzel, Executive Vice President and CFO, Orexo
Tel: +46-18-780 88 44 
E-mail: claes.wenthzel@orexo.com 

Torbjörn Berke, President and CEO, Biolipox
Tel: +46-8-5248 3102
E-mail: torbjorn.bjerke@biolipox.com

About Orexo

Orexo is a pharmaceutical company which focuses on identifying suboptimal
therapeutic characteristics of existing products and developing more efficient
and effective delivery methods for them. By combining approved active substances
with Orexo's drug delivery technologies it is possible to significantly enhance
their therapeutic value, such as providing quicker onset of action or ease of
administration. This business model is aimed at bringing products to market
faster with lower development risk and costs

Orexo, which has its global headquarters and development laboratories in Sweden,
currently operates across the world through development, licensing and
distribution agreements in all major markets.

Orexo has a balanced portfolio with two products on the market, three in
registration and/or late stage clinical phase, one in clinical phase I, one in
formulation phase and two in early development phase. 

Orexo is listed on the OMX Nordic List Mid Cap (ticker: ORX). 

www.orexo.com


About Biolipox

Biolipox is a Swedish research-intense pharmaceutical company that focuses on
developing novel, effective drugs for treating respiratory diseases and other
inflammatory diseases, such as asthma, chronic obstructive pulmonary disease
(COPD), rhinitis (hay fever), pain and arthritis (inflammatory joint diseases).
By drawing on its knowledge in the inflammatory research area, particularly
arachidonic acid metabolism, Biolipox has created a portfolio of potential
blockbusters in these therapeutic areas. The company has 52 employees and is
owned by Health Cap, Apax Partners, Sofinnova Partners, SLS Venture, Crédit
Agricole Private Equity, Auriga Partners and the scientific founders.

www.biolipox.com