MONTREAL, Feb. 16 /CNW/ - Pharmagesic (Holdings) Inc. ("Pharmagesic")
reminds shareholders of WEX Pharmaceuticals Inc. ("WEX") that its
take-over bid for all of the outstanding restricted voting shares of
WEX ("WEX Shares") which are not currently held by Pharmagesic at an
offer price of C$0.14 cash per WEX Share (the "Offer") will be open for
acceptance until 5:00 p.m. (Vancouver time) on February 22, 2011,
unless the Offer is extended or withdrawn.
The C$0.14 offer price represents a premium of approximately 38% to the
volume-weighted average closing price for WEX Shares for the 20 trading
days prior to January 12, 2011, the date of the Offer.
The Offer was unanimously recommended by an independent committee of
WEX's board of directors (the "Independent Committee"). Prior to
recommending the Offer, the Independent Committee received a fairness
opinion from Ernst & Young LLP to the effect that the offer price is
fair, from a financial point of view, to shareholders of WEX other than
Pharmagesic and parties related to it. The offer price is within the
range of values determined by Ernst & Young LLP in a formal valuation
prepared under the supervision of the Independent Committee.
The Offer is subject only to customary conditions (and no minimum
acceptance condition). For further information, including to review
the take-over bid circular, the directors' circular and related
offering materials, visit SEDAR at www.sedar.com.
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development,
manufacture and commercialization of innovative drug products to treat
pain. WEX's principal business strategy is to derive drugs from
naturally occurring toxins and develop proprietary products for the
About Pharmagesic (Holdings) Inc.
Pharmagesic (Holdings) Inc. is an indirect wholly owned subsidiary of CK
Life Sciences Int'l., (Holdings) Inc. ("CKLS"). CKLS is a company
listed on The Stock Exchange of Hong Kong Limited (stock code: 0775).
Bearing the mission of improving the quality of life, CKLS is engaged
in the business of research and development, manufacturing,
commercialization, marketing and selling of environmental and human
health products, and water business as well as investment in various
financial and investment products. Products developed by CKLS are
categorized into the areas of human health and environmental
sustainability. CKLS is a member of the Cheung Kong Group. For
additional information, please visit www.ck-lifesciences.com.
Forward Looking Statements and Information
Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. Such forward-looking statements and forward-looking information
include, but are not limited to statements concerning the proposal from
Pharmagesic. Such statements and information include statements
regarding the expectation and beliefs of management and appear in a
number of places and often can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include, but are not limited
to statements or information with respect to known and unknown risks,
uncertainties and other factors which may cause Pharmagesic or WEX's
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements
and information. Such factors include, but are not limited to the
following: the proposal from Pharmagesic. There can be no assurance
that forward-looking statements or information referenced herein will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements or information.
Also, many of the factors are beyond the control of the Pharmagesic.
Accordingly, readers should not place undue reliance on forward-looking
statements or information. All forward-looking statements and
information made herein, are qualified by this cautionary statement.