Solvay Pharmaceuticals acquires Innogenetics

Solvay Pharmaceuticals S.A., a subsidiary of the Solvay Group, the chemical and pharmaceutical group, today announced that it succeeded to acquire Innogenetics N.V., a Belgian-based biotechnological company, in a cash transaction valued at EUR 6.5 per share, representing EUR 200.7 million for 100% of the Innogenetics shares. The offer on Innogenetics shares ran from 12 August to 5 September 2008.

After settlement of the offer, which is expected to be on 22 September, Solvay Group will hold 84.3% of the Innogenetics shares, the participation of 9.68% which Solvay held prior to the offer included. All conditions for the offer on Innogenetics have been met.

Solvay Pharmaceuticals has decided to reopen the offer from 23 September to 14 October 2008 in order to provide the remaining Innogenetics shareholders the opportunity to participate in this transaction.

The reference shareholders of Innogenetics (Rudi Mariën, Biovest CVA, Marigest Holding SA, S.A.T.E. SA and Gengest BVBA), who jointly hold 18.48% of the shares of the company, together with other institutional shareholders, have tendered their shares to Solvay.

“We are extremely pleased with the positive response of the Innogenetics shareholders”, said Werner Cautreels, CEO of Solvay Pharmaceuticals. “The reopening of the offer will provide the possibility for the remaining Innogenetics shareholders to take advantage of our offer. In the mean time, we will expedite the closing procedure of the transaction, in order to be able to implement rapidly our dual strategy : expansion of Innogenetics’ diagnostics business and leverage of both companies’ R&D competencies to accelerate the development of Solvay’s therapeutic pipeline through the implementation of biomarker, diagnostics and eventually companion diagnostics technologies”, he added.