Vernalis PLC Regulatory News (VER)

26 Jul 2005 07:00

Vernalis PLC26 July 2005 26 July 2005 Vernalis completes the acquisition of the privately held UK biotech company Ionix Pharmaceuticals Vernalis plc (LSE: VER, NASDAQ: VNLS) announces that it has completed theacquisition of the privately held UK company Ionix Pharmaceuticals Limited. In consideration for Vernalis acquiring the entire issued share capital ofIonix, Vernalis has today issued to Ionix's shareholders 17,847,769 new Vernalisordinary shares, bringing the enlarged issued share capital of Vernalis to216,798,261 ordinary shares. These new Vernalis ordinary shares are expected tobe admitted to trading and listing at 8.00am today. A further 1,837,271 newordinary shares will be issued to Ionix shareholders in July 2006, subject toreduction for any warranty or indemnity claims. As a result of the transaction, funds advised by Apax Partners have todayreceived 15,245,564 new Vernalis ordinary shares bringing their aggregateholding in Vernalis to 27,389,243 ordinary shares, representing approximately12.6 per cent of the enlarged issued share capital of Vernalis. - ends - Enquiries: Vernalis plc +44 (0) 118 977 3133Simon Sturge, Chief ExecutiveTony Weir, Chief Financial OfficerJulia Wilson, Head of Corporate Communications Brunswick Group +44 (0) 20 7404 5959Jon ColesWendel Verbeek Notes for Editors: About VernalisVernalis is a UK-based biotechnology company with a marketed migraine product,frovatriptan, and a development pipeline focused on central nervous systemdisorders and oncology. The company has five products in clinical developmentand collaborations with leading, global pharmaceutical companies includingNovartis, Biogen Idec and Serono. Vernalis is establishing a US commercialoperation to co-promote frovatriptan alongside its North American licensingpartner, Endo Pharmaceuticals, propelling the company towards its goal ofbecoming a sustainable, self-funding, R&D-driven biotechnology company. Forfurther information about Vernalis, please visit www.vernalis.com About IonixIonix Pharmaceuticals, based in Cambridge UK, is a specialist in the discoveryand development of new analgesic medicines for the treatment of acute andchronic pain. Combining novel drug delivery systems, proprietary drug targetsand state-of-the-art chemistry, the company is developing medicines that aredesigned to alleviate pain associated with trauma, operative procedures, anddebilitating diseases such as arthritis, diabetes and multiple sclerosis. IonixPharmaceuticals is a privately held company and was founded in 2001. For furtherinformation about Ionix, please visit www.ionixpharma.com Safe Harbour statement: this news release may contain forward-looking statementsthat reflect the Company's current expectations regarding future events.Forward-looking statements involve risks and uncertainties. Actual events coulddiffer materially from those projected herein and depend on a number of factorsincluding the success of the Company's research strategies, the applicability ofthe discoveries made therein, the successful and timely completion of clinicalstudies, the uncertainties related to the regulatory process, the successfulintegration of completed mergers and acquisitions and achievement of expectedsynergies from such transactions, and the ability of the Company to identify andconsummate suitable strategic and business combination transactions. This information is provided by RNS The company news service from the London Stock Exchange