Aspreva to be Acquired by Galenica For US$915 Million



    - All-Cash Transaction Valued at US$26.00 Per Share -

    VICTORIA, Oct. 17 /CNW/ - Aspreva Pharmaceuticals Corporation
(NASDAQ:   ASPV; TSX: ASV) today announced that it has entered into a
combination agreement with Galenica Group (SWX: GALN) under which Galenica,
through a wholly-owned Canadian subsidiary, will acquire all of Aspreva's
outstanding shares at a price of US$26.00 per share in cash. The total value
of the transaction is approximately US$915 million.
    This all-cash transaction for 100 per cent of the company's shares
represents a 16 per cent premium over Aspreva's closing price on October 16th,
2007 and a 24 per cent premium over the 30-day average trading price of
Aspreva shares.
    Aspreva will host a conference call on October 18th, 2007, at
10:00 a.m. PT/ 1:00 p.m. ET to discuss the proposed acquisition.
    The transaction was unanimously approved by Aspreva's Board of Directors
on October 17th, following receipt of the recommendation of a Special
Committee of the Board. Aspreva's Board has also resolved to recommend to
shareholders that they vote in favor of the transaction. In determining to
recommend the transaction to Aspreva shareholders, the Board of Directors
considered a number of factors and received opinions from the company's
financial advisors, Lazard and Lehman Brothers Inc., to the effect, and
subject to the assumptions and conditions set forth in such opinions, that the
consideration to be received by the holders of Aspreva common shares in the
transaction is fair to such holders from a financial point of view.

    About the Transaction

    The transaction will be carried out by way of a statutory plan of
arrangement under Section 288 of the British Columbia Business Corporations
Act, and must be approved by the applicable court and by 66 2/3 per cent of
the votes cast by holders of Aspreva shares. The completion of the transaction
is also subject to customary closing conditions, including regulatory
approvals. The transaction is expected to close on January 3rd, 2008, shortly
after receipt of shareholder and court approvals.
    Details regarding these and other terms of the transaction are set out in
the Combination Agreement, which will be filed by Aspreva on the Canadian
SEDAR website at www.sedar.com and on the U.S. Securities and Exchange
Commission's website at www.sec.gov. Further information regarding the
transaction will be contained in a proxy circular that Aspreva will mail to
holders of common shares in connection with the special meeting of
shareholders to be held to approve the transaction. It is expected that these
materials will be mailed in November 2007 for a meeting to be held in 
December 2007. Once mailed, the proxy circular will be available at
www.sedar.com and www.sec.gov. All shareholders are urged to read the proxy
circular once it is available.

    Shareholder Support Agreements

    Aspreva's directors and officers, as well as Aspreva's largest
shareholder, who collectively hold approximately 30 per cent of the
outstanding common shares of Aspreva, have entered into agreements with
Galenica to vote their shares in favor of the transaction, subject to their
ability to withdraw such support in the event that the Combination Agreement
is terminated, including where an unsolicited superior competing proposal is
made by another bidder and accepted by Aspreva.

    Financial and Legal Advisors

    Lazard and Lehman Brothers Inc. are acting as financial advisors to
Aspreva with respect to the arrangement. Aspreva's Canadian legal advisors are
McCarthy Tétrault LLP, its US legal advisors are Cooley Godward Kronish LLP
and its corporate counsel Farris, Vaughan, Wills & Murphy LLP.

    Conference Call

    Aspreva will host a conference call on Thursday, October 18, 2007 at
10:00 a.m. Pacific Time (1:00 p.m. Eastern Time).

    Dial-in information:
    North America (toll free): 1-800-591-6942
    International: 1-617-614-4909
    Enter passcode: 42424615

    The call will be available for replay until Thursday, October 26th, by
calling 1-888-286-8010 (North America) or 1-617-801-6888 (International) and
entering the pass code 63308627.
    A live webcast will also be available to all interested parties on
Aspreva's website: www.aspreva.com. Please click on the "Webcasts and Events"
link under the Investors section. A replay of the webcast will be available
until January 19, 2008.

    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
Group'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"); a special meeting of
Aspreva's shareholders to consider the Acquisition, currently scheduled for
December 2007; and the approval of the Acquisition by Aspreva's shareholders
and the Canadian regulatory authorities.
    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; the possibility that Aspreva's shareholders do not
approve the Acquisition at the special meeting of shareholders; 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 June 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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