Pyrosequencing finalizes acquisition of Biotage

PYROSEQUENCING FINALIZES ACQUISITION OF BIOTAGE Uppsala, Sweden October 30, 2003 - Pyrosequencing AB (Stockholm: PYROA) today announced that the Company has finalized the acquisition of Biotage, as announced on October 14, through a cash payment of 235 MSEK and taking over a mortgage of 36 MSEK, relating to the premises in Virginia US. Pyrosequencing now owns 100 percent of the shares in Biotage. Pyrosequencing now has a turnover of 427 MSEK, pro forma 2002. Biotage combined with Personal Chemistry, which was acquired earlier this year, forms business area Discovery Chemistry. This business area has a competitive product portfolio of systems for medicinal chemistry research. David Patteson, until now President of Biotage, will become head of this business area "Through the acquisition of Biotage, we have strengthened our product offering and become one of the leading suppliers of systems within medicinal chemistry research. The acquisition also gives us the essential critical mass for this business area to reach profitability", says CEO Jeff Bork. About the New Company Pyrosequencing accelerates the drug discovery and development process and increases the knowledge of the importance of the genetic make-up by providing complete solutions for medicinal chemistry research and applied genetic analysis. Through its merger with Personal Chemistry the company has further strengthened its customer base of commercial and academic partners, which include the world's top 20 pharmaceutical companies and prestigious academic institutes such as the US National Institutes of Health, the US Centers for Disease Control and Prevention and Sweden's Karolinska Institute. Headquartered in Uppsala, Sweden, Pyrosequencing has facilities in Boston, USA, Cambridge, UK and Constance, Germany. After the acquisition of Biotage the company will have approx. 275 employees. Pro-forma the new group had sales of 427 MSEK in 2002. The company is listed on the Stockholm stock exchange. Website: www.pyrosequencing For further information Jeff Bork CEO jeff.bork@pyrosequencing.com +46 734-22 16 60 Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward- looking statements are based on Pyrosequencing's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Pyrosequencing notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward- looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Pyrosequencing's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/30/20031030BIT00350/wkr0001.doc http://www.waymaker.net/bitonline/2003/10/30/20031030BIT00350/wkr0002.pdf