Biotage’s acquisition of Argonaut approved by Argonaut’s shareholders

A special general meeting of the shareholders in the American company Argonaut Technologies Inc has approved Biotage’s bid to acquire parts of Argonaut’s business. The acquired operations will thus be included in Biotage AB effective June 3, 2005. In March 2005 Biotage announced its intention to acquire the reagents and process instruments business from Argonaut Technologies Inc. The purchase price is approx. 155 MSEK (21.2 MUSD). Through the acquisition Biotage’s offering in medicinal chemistry will be strengthened and the company will get a complete product portfolio in microwave synthesis, purification systems and reagents, enabling faster and more efficient development of new drug candidates. Biotage has obtained short-term bank financing for the acquisition and the purchase price will be paid in cash. The company will present a long-term financing solution within the next few months. “It’s very gratifying that Argonaut’s shareholders have now given their approval of the acquisition. Biotage will thus increase its sales by approx. 125 MSEK. The acquisition strengthens our offering in medicinal chemistry substantially and with a complete product portfolio we can offer our customers considerable cost savings. We will now immediately start integrating the acquired businesses,” says Jeff Bork, president and CEO of Biotage. Contact: Jeff Bork, President and CEO Tel: +46 734 22 16 60, jeff.bork@biotage.se