April 23, 1998
Acquisition of Pharmaceutical Products and Canadian Distribution Rights from Pharmascience
The Board of Directors is pleased to announce that it has concluded an agreement with Pharmascience for the acquisition of a bundle of innovative pharmaceutical products and Canadian distribution rights ("Products ").
A valuation report, conducted by Ernst & Young in 1997, determined that the value of the Products range between $13.1 million and $14.7 million. According to the terms of the agreement, Paladin will issue to Pharmascience 3,232,558 shares in consideration for the Products.
This transaction is presently in progress and will proceed pending shareholder as well as VSE approval.
In commenting on the news, Paladin Labs President and Director, Jonathan Goodman commented: "We are thrilled to be making such an important acquisition. This acquisition is consistent with our strategy of acquiring, licensing and marketing innovative pharmaceuticals in niche therapeutic areas for the Canadian market and developing late-stage innovative pharmaceuticals for a world market. Upon successful completion of this purchase, Paladin will be in an ideal position to fulfil its strategic objectives."
Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements relating to the future performance of Paladin. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially.
INFORMATION: Paladins Labs Inc.
6111 Royalmount Ave.
Montreal, Quebec
H4P 2T4
Canada
Tel: (514) 340-1112
Fax: (514) 344-4675
http://www.paladin-labs.com