HUDDINGE, Sweden, May 8, 2003 (PRIMEZONE) -- As previously announced, Tripep AB (publ) has made a bid for the vaccine development company Isconova AB in Uppsala. The Board of Directors and owners of 90% of the shares in Isconova have recommended that this bid be accepted. It is always difficult to value a listed company such as Tripep correctly in relation to an unlisted company such as Isconova, particularly given the prevailing stock market climate, and the following transaction has therefore been negotiated. Payment from Tripep to Isconova's owners will take the form of 2 million shares in Tripep AB. Isconova will then become a wholly owned subsidiary of Tripep. Isconova's owners will also be paid 75% of the subsidiary Isconova's net profit after the repayment of any shareholders' contributions made by the parent company. Tripep in turn has a time-limited option to acquire Isconova's right to 75% of the profit in exchange for a supplementary payment of SEK 50 million, made either in cash or in the form of Tripep shares valued at the share price applying on the relevant date.
For more information, please contact:
Johan Ihre, President of Tripep AB, tel.: +46 8 449 84 82, +46 70 733 44 25
Bengt Falk, President of Isconova AB, tel.: +46 70 302 22 54
Anders Vahlne, Head of Research at Tripep AB, tel.: +46 70 928 05 28
Bror Morein, Head of Research at Isconova AB, tel.: +46 70 552 18 59
Tripep AB (publ) Halsovagen 7 SE-141 57 Huddinge Tel.: +46 8 449 84 80 Fax: +46 8 449 84 81 www.tripep.se
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/05/08/20030508BIT00690/wkr0001.doc
http://www.waymaker.net/bitonline/2003/05/08/20030508BIT00690/wkr0002.pdf