Aspreva obtains shareholder approval for acquisition by Galenica



    VICTORIA, BC, Dec. 17 /CNW/ - Aspreva Pharmaceuticals Corporation
(NASDAQ:   ASPV; TSX: ASV) today announced that Aspreva's shareholders and
optionholders have approved the proposed acquisition of Aspreva by Galenica
Group (SWX: GALN), through a wholly-owned Canadian subsidiary, at a price of
US$26.00 per share in cash. At the special meeting of securityholders held
this morning, the transaction was approved by over 99% of the votes cast by
shareholders and by over 99% of the votes cast by shareholders and
optionholders, voting together as a class.
    The transaction is being carried out by way of a statutory plan of
arrangement under Section 288 of the British Columbia Business Corporations
Act. The closing of the transaction remains subject to final court approval,
approval by the Minister of Industry under the Investment Canada Act, as well
as the satisfaction or waiver of the conditions specified in the Combination
Agreement entered into on October 17, 2007. An application for final court
approval is scheduled to be heard by the British Columbia Supreme Court on
December 18, 2007. Subject to court approval being obtained, receipt of
approval by the Minister of Industry under the Investment Canada Act and the
other conditions to closing being satisfied or waived, the transaction is
expected to close on January 3, 2008.
    Shareholders also today approved an amendment to Aspreva's shareholder
rights plan in order to facilitate the proposed acquisition of Aspreva by
Galenica Group.
    Further details regarding the terms of the transaction are set out in
Aspreva's management information circular dated November 15, 2007, which was
filed by Aspreva on the Canadian SEDAR website at www.sedar.com and on the
United States Securities and Exchange Commission's website at www.sec.gov.

    Financial and Legal Advisors

    Lazard Frères & Co. LLP and Lehman Brothers Inc. have acted as financial
advisors to Aspreva with respect to the plan of arrangement. Aspreva's legal
advisors are Farris, Vaughan, Wills & Murphy LLP, McCarthy Tétrault LLP and
Cooley Godward Kronish LLP.

    About Galenica

    Galenica is a diversified group active throughout the healthcare market
which, among other things, develops, manufactures and markets pharmaceutical
products, runs pharmacies, provides logistical services and access to
databases and sets up networks. The Galenica Group enjoys a leading position
in all its areas of activity - pharmaceutical manufacturing, pre-wholesaling,
distribution, healthcare information and retailing. A large part of the
Galenica's income is generated by international operations. For more
information please visit www.galenica.com

    About Aspreva

    Aspreva is a global pharmaceutical company focused on identifying,
developing, and, upon approval, commercializing evidence-based medicines for
patients living with less common diseases. Aspreva common stock is traded on
the NASDAQ Global Select Market under the trading symbol ASPV and on the
Toronto Stock Exchange under the trading symbol ASV. Learn more about the
company at www.aspreva.com

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of applicable securities laws
in Canada (collectively, "forward-looking statements"). The words
"anticipates", "believes", "budgets", "could", "estimates", "expects",
"forecasts", "intends", "may", "might", "plans", "projects", "schedule",
"should", "will", "would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. Forward-looking statements in this news
release include, but are not limited to, statements about: the potential
acquisition of Aspreva by Galenica in an all cash transaction valued at
USD$26.00 per outstanding share (the "Acquisition"); receiving approval from
the Minister of Industry under the Investment Canada Act and receiving final
approval for the Acquisition from the British Columbia Supreme Court.
    With respect to the forward-looking statements contained in this news
release, Aspreva has made numerous assumptions regarding, among other things:
Galenica's ability to finance the Acquisition valued at USD$26.00 per
outstanding share; the ability of Aspreva and Galenica to satisfy all of the
closing conditions to complete the Acquisition; Aspreva's ability to protect
its intellectual property rights and to not infringe on the intellectual
property rights of others; and Aspreva's ability to comply with applicable
governmental regulations and standards. Readers are cautioned that the plans,
intentions or expectations disclosed in any forward-looking statements and
underlying assumptions may not be achieved and that they should not place
undue reliance on any forward-looking statement. Actual results or events
could differ materially from the plans, intentions, expectations, and
assumptions expressed or implied in any forward-looking statements as a result
of numerous risks, uncertainties and other factors, including those relating
to: the possibility of not satisfying all of the closing conditions to
complete the Acquisition; risks related to integration of acquisitions;
difficulties or delays in obtaining regulatory approvals; competition from
other pharmaceutical or biotechnology companies; economic and capital market
conditions; and currency exchange rates.
    For a more thorough discussion of the risks associated with Aspreva's
business, see the "Risk Factors" section in Aspreva's Quarterly Report on Form
10-Q for the quarter ended September 30, 2007, filed with the U.S. Securities
and Exchange Commission at www.sec.gov and with securities regulatory
authorities in Canada at www.sedar.com. Although we have attempted to identify
important risks, uncertainties and other factors that could cause actual
results or events to differ materially from those expressed or implied in the
forward-looking statements, there may be other factors that cause actual
results or events to differ from those expressed or implied in the
forward-looking statements. All forward-looking statements are qualified in
their entirety by this cautionary statement and Aspreva undertakes no
obligation to revise or update any forward-looking statements as a result of
new information, future events or otherwise after the date hereof.

    %SEDAR: 00021534E




For further information:

For further information: Sage J. Baker, Vice President, IR & Corporate
Communications, Aspreva Pharmaceuticals, (250) 708-4270, sbaker@aspreva.com

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