Vernalis completes the acquisition of the privately held UK biotech company Ionix Pharmaceuticals

29-Jul-2005

Vernalis plc announces that it has completed the acquisition of the privately held UK company Ionix Pharmaceuticals Limited.

In consideration for Vernalis acquiring the entire issued share capital of Ionix, Vernalis has today issued to Ionix's shareholders 17,847,769 new Vernalis ordinary shares, bringing the enlarged issued share capital of Vernalis to 216,798,261 ordinary shares. These new Vernalis ordinary shares are expected to be admitted to trading and listing at 8.00am today. A further 1,837,271 new ordinary shares will be issued to Ionix shareholders in July 2006, subject to reduction for any warranty or indemnity claims.

As a result of the transaction, funds advised by Apax Partners have today received 15,245,564 new Vernalis ordinary shares bringing their aggregate holding in Vernalis to 27,389,243 ordinary shares, representing approximately 12.6 per cent of the enlarged issued share capital of Vernalis.

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