ANTONY, France, November 10, 2010 /PRNewswire-FirstCall/ -- Following the announcement that Wendel had entered exclusive negotiations with Ares Life Sciences on October 28, 2010, with a view to selling its entire stake (around 46%) in Stallergenes, the company's Works Council met on November 10, 2010.
Stallergenes' Works Council having returned a positive consultative opinion at this meeting, Wendel and Ares Life Sciences proceeded to sign a firm transfer agreement.
It is in this context that the Stallergenes Board of Directors met today. It took note of Ares Life Sciences' intention to pursue the development of Stallergenes from the company's French industrial footprint (production units and R&D centre in Antony and Amilly), accelerate the execution of the company's strategic roadmap, as well as further support its international development, notably in the US. The Stallergenes Board of Directors took also note that Ares Life Sciences does not foresee any change within Stallergenes' jobs, salary or human resources policies.
During the meeting, Stallergenes' Chairman and CEO, Albert Saporta, has declared: "The Ares Life Sciences team, which has already enjoyed some major successes on the European and American pharmaceutical markets, has a thorough understanding of the issues related to our sector and supports our entrepreneurial vision. This expertise will be of great benefit to the company in its current expansion phase".
The Board of Directors also took note of the resignation of four of its directors (Messrs. David Darmon, Arnaud Fayet, Dirk-Jan Van Ommeren and Compagnie Financiere de la Trinite) and decided to co-opt Mrs Paola Ricci and Messrs Jacques Theurillat, Patrick Lee, and Christian Chavy to replace them. These changes of board directors remain subject to the completion of the sale of Wendel's stakeholding in Stallergenes to Ares Life Sciences.
Given the absence of any conflict of interest with respect to the planned sale, the Board members also decided to appoint the accountancy firm Ledouble SA as an independent expert with a view to issuing a fairness opinion in the context of the takeover bid that Ares Life Sciences will submit regarding the totality of Stallergenes' shares in application of the regulations in force. This appointment will come into force on the date of transfer of Wendel's stakeholding.
Stallergenes and Ares Life Sciences' management teams will hold a joint telephone conference on Wednesday November 17 at 6 p.m. to answer questions related to this change in shareholding.
In application of the provisions of the AMF's General Regulations, the Board of Directors may publish its opinion on the value of the said takeover bid or its consequences for Stallergenes, its shareholders and its employees on the internet once the planned bid has been submitted to the market authority.
Stallergenes is a European biopharmaceutical company dedicated to immunotherapy treatments for the prevention and treatment of allergy-related respiratory diseases, such as allergic rhinoconjunctivitis, rhinitis and asthma.
A pioneer and leader in sublingual immunotherapy treatments, Stallergenes dedicates more than 20% of its turnover, in gross terms, to Research and Development and is actively involved in the development of a new therapeutic class: sublingual immunotherapy tablets. In 2009, Stallergenes had a turnover of 193 million euros and more than 500,000 patients were treated with Stallergenes' immunotherapy products.
Euronext Paris (Compartment B) SBF 120. ISIN code: FR0000065674 Reuters code: GEN.PA Bloomberg code: GEN.FP For further information, please visit our website: http://www.stallergenes.com
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