GeneSoft Inc. announced the completion of its merger and common stock offering with Genome Therapeutics Corp. (Nasdaq: GENE), effective February 6, 2004, which raised USD 88.2 million in gross proceeds. The newly created biopharmaceutical company's product portfolio now includes the FDA-approved antibiotic FACTIVE®, set to be launched in the summer of 2004, as well as a novel antibiotic candidate for the prevention and treatment of serious hospital-acquired infections, Ramoplanin, which is currently in phase III clinical trials. Under the merger agreement, GeneSoft shareholders will receive 1.19 shares of Genome Therapeutics common stock for each share of GeneSoft common stock. The company will retain the name Genome Therapeutics until shareholder approval of a new name.
Private Equity Holding will receive shares worth approx. USD 8.4 million at the closing share price of February 13, 2004 from the transaction. The investment is held by Private Equity Holding at a book value of USD 0.3 million as of January 31, 2004.
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"Portfolio News"
brings investment highlights from the portfolio of Private Equity Holding AG to the attention of investors. Contractual disclosure requirements limit the depth of information to publicly available data and thus prohibit disclosure of additional financials.
Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. For further information: www.peh.ch or Tamara Krebs, Investor Relations and Communications (phone +41 41 726 79 80).
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