Pharmagesic Reminds Shareholders of Expiry of Offer for Shares of WEX Pharmaceuticals Inc.

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will be open for acceptance until 5:00 p.m. (Vancouver time) on February  22, 2011, unless the Offer is extended or withdrawn.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 global market.

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.


SOURCE Pharmagesic (Holdings) Inc.

For further information:

Pharmagesic (Holdings) Inc.:
Mrs. Wendy Tong Barnes
Chief Corporate Affairs Officer
CK Life Sciences Int'l., (Holdings) Inc.
2 Dai Fu Street
Tai Po Industrial Estate
Tai Po, Hong Kong

852 2122 2062

Profil de l'entreprise

Pharmagesic (Holdings) Inc.

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