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Pharmexa and Affitech to Combine Operations to Create a New Antibody Therapeutics Company
Date:3/4/2009

COPENHAGEN and OSLO, March 4 /PRNewswire/ -- Pharmexa A/S and Affitech AS announced today that they have entered into a conditional agreement to merge the two companies by means of a share for share acquisition by Pharmexa A/S of the private Norwegian company, Affitech AS. The purpose of the merger is to transform Pharmexa from a cancer and infectious disease vaccine business into a company focused on the research and development of human antibody therapeutic drugs.

Under the terms of the merger agreement, Pharmexa will offer to acquire 100% of the outstanding and issued share capital of Affitech AS in exchange for newly issued shares in Pharmexa. On completion of the transaction, Affitech shareholders will own approximately 70% and Pharmexa shareholders 30% of the merged Company. The combined Company will be renamed Affitech A/S and it is the aim to continue the Company's listing on the Nasdaq OMX exchange in Copenhagen. The existing Affitech drug discovery business in Oslo will be renamed Affitech Research AS.

As part of the merger certain Affitech shareholders will undertake to participate in a new share issue which Pharmexa expects to take place during Q2 or Q3 2009.

Aims of the Merger

The acquisition of Affitech by Pharmexa is intended to create a new European biopharmaceutical company listed on the Nasdaq OMX Copenhagen exchange dedicated to the discovery and development of human antibody therapeutics in cancer and other diseases of unmet medical need. The integration of the two companies marks a transformational event by combining the antibody discovery expertise and early product pipeline of Affitech with the drug development capabilities, processes and infrastructure of Pharmexa. The combined Company will focus its activities entirely in the field of human antibody therapeutics. Antibodies constitute one of the most commercially successful fields in the biotechnology
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