The acquisition of the pharmaceutical development company elbion GmbH completed

BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 14 November 2008 at
3.30 p.m.


The acquisition of the pharmaceutical development company elbion GmbH
completed

Biotie Therapies Corp. ("Biotie" or the "Company") has entered into
an agreement with elbion NV on the acquisition of its fully owned
subsidiary, elbion GmbH (the "Transaction"). To complete the
Transaction, the Board of Directors of Biotie has proposed to the
General Meeting of Shareholders of Biotie to be convened on 14
November 2008 (the "General Meeting of Shareholder") that the General
Meeting would resolve, in deviation from the shareholders'
pre-emptive subscription right: (i) to offer 46,802,967 new shares
(the "Exchange Shares") to be subscribed by elbion NV as
consideration for one (1) share in elbion GmbH (the "Exchange Offer")
and (ii) in connection with the Exchange Offer to offer up to
7,305,733 new shares to be subscribed by certain funds held or
managed by Burrill & Company, TVM Capital and AGF Private Equity (the"Offer Shares", the "Offering") (the Offer Shares and the Exchange
Shares together, the "Shares"). Biotie has disclosed the agreement,
the details of the transaction and the activities of the combined
entity in a stock exchange release published on 24 October 2008.

The Transaction was subject to the resolutions of the General Meeting
of Biotie on the share issue and the election of new board members to
the Board of Biotie. These resolutions have been made in the
Extraordinary General Meeting of Biotie held today. Biotie has
published a stock exchange release earlier today regarding the
resolutions of the General Meeting. The notice to the Extraordinary
General Meeting and the proposals of the Board have been disclosed in
a stock exchange release on 24 October 2008.

As announced earlier, as consideration, Biotie has issued 46,802,967
new shares to elbion NV for subscription. In connection with the
transaction, certain shareholders of elbion NV have invested an
aggregate amount of EUR 3.3 million into the combined entity by
subscribing 7,305,733 new shares of Biotie.

The issue of the consideration shares in the acquisition of elbion
GmbH and their subscriptions and payment have been completed today,
and the title to the share capital of elbion GmbH has been
transferred to Biotie. The new shares of Biotie have been notified
for registration to the Trade Register. The new shares shall be
registered approximately on 17 November 2008 and admitted to public
trading on the main list of NASDAQ OMX Helsinki Ltd on Tuesday, 18
November 2008.

In the Combination Agreement elbion NV has agreed not to transfer the
Shares in Biotie for which it has subscribed in connection with the
Exchange Offering for 12 months as of the completion of the Exchange
Offering, except for the transfers between the shareholders or
affiliates of elbion NV and to certain directors of elbion GmbH,
provided that the corresponding transfer restriction applies to the
said entities and parties. Funds that have subscribed for Shares in
the Offering: TVM Life Science Ventures VI GmbH & Co. KG, FCPI AGF
Innovation 5, FCPI AGF Innovation 4, Burrill Life Science Capital
Fund L.P., Burrill Indiana Life Science Capital Fund L.P. and TVM
Life Science Ventures VI L.P. have agreed that a corresponding
transfer restriction shall apply to the said funds.


The number of the consideration shares offered to elbion NV
represents 32.43 per cent of Biotie's issued share capital and votes
attaching thereto after the transaction. The shares subscribed by
certain shareholders of elbion NV represent, respectively, 5.06 per
cent of the Company's issued share capital and votes attaching
thereto after the transaction. elbion NV has been granted an
exemption from the obligation to made a public tender offer in
accordance with chapter 6, section 10 of the Finnish Securities
Markets Act and elbion NV is not obligated to make an offer for all
shares of Biotie even though its holdings exceed 3/10 of the voting
rights attached to all shares in Biotie. The Prerequisite for the
exemption was that the holdings of elbion NV of voting rights in
Biotie referred to in Chapter 6, Section 10 of the Finnish Securities
Markets Act shall decrease to or below 3/10 within nine months after
the Shares issued in connection with the Exchange Offer have been
entered into the Trade Register.

Following the registration of the issued shares, Biotie has the
aggregate of 144.320.560 shares and the aggregate share capital of
EUR 44.290.678,10.

Turku, 14 November 2008

Biotie Therapies Corp.
Board of Directors

For further information, please contact:
Timo Veromaa, President and CEO, Biotie Therapies Corp
tel. +358 2 274 8900, e-mail: timo.veromaa@biotie.com
www.biotie.com

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