Aspreva receives Investment Canada approval for acquisition by Galenica



    VICTORIA, Dec. 21 /CNW/ - Aspreva Pharmaceuticals Corporation
(NASDAQ:   ASPV; TSX: ASV) today announced that the Minister of Industry, under
the Investment Canada Act, has approved the 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.
    The transaction, which is being carried out by way of a statutory plan of
arrangement under Section 288 of the British Columbia Business Corporations
Act, was approved by Aspreva shareholders and optionholders at a special
meeting held on December 17, 2007. In addition, the British Columbia Supreme
Court issued a final order approving the plan of arrangement on December 18,
2007. Under the terms of the Combination Agreement entered into on October 17,
2007 all conditions to Galenica's obligation to complete the transaction will
be deemed to have been satisfied or waived two business days after the date of
this press release. Closing of the transaction is subject to the satisfaction
or waiver of the remaining conditions for the benefit of Aspreva as specified
in the Combination Agreement. The transaction is expected to close on
January 3, 2008.
    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 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"); the remaining conditions
to the closing being satisfied or waived; and the expected closing of the
Acquisition on January 3, 2008.
    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;
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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