Axcan Pharma Inc.: Quebec Superior Court Issues Final Order Approving the Acquisition of Axcan by an Affiliate of TPG Capital
January 28 2008 - 12:25PM
Marketwired
MONT-SAINT-HILAIRE, QUEBEC (TSX: AXP)(NASDAQ: AXCA) announced
today that the Superior Court of Quebec has issued a final order
approving the Plan of Arrangement pertaining to the acquisition by
an affiliate of TPG Capital of all outstanding common shares of
Axcan. The Court's final order also held the Plan of Arrangement to
be fair and reasonable to Axcan shareholders. The Court's approval
follows January 25th's special meeting of Axcan's shareholders,
where the Plan of Arrangement was approved by 99.8% of the votes
cast by holders of Axcan's common shares.
The transaction is expected to close in the first quarter of
calendar 2008. Axcan will advise shareholders nearer to the time of
closing about the procedures for surrendering and receiving payment
for their shares. The transaction remains subject to customary
conditions, including receipt of all required regulatory
approvals.
ABOUT AXCAN PHARMA
Axcan is a leading multinational specialty pharmaceutical
company focused on gastroenterology. The Company develops and
markets a broad line of prescription products to treat a range of
gastrointestinal diseases and disorders such as inflammatory bowel
disease, irritable bowel syndrome, cholestatic liver diseases and
complications related to pancreatic insufficiency. Axcan's products
are marketed by its own specialized sales forces in North America
and Europe and through commercial collaborations in many markets
around the world. Its common shares are listed on the NASDAQ Global
Market under the symbol "AXCA" and on the Toronto Stock Exchange
under the symbol "AXP".
ABOUT TPG
TPG is a leading private investment firm founded in 1992, with
more than $35 billion of assets under management and offices in San
Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth,
Melbourne, Menlo Park, Moscow, Mumbai, Beijing, Shanghai, Singapore
and Tokyo. TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.
Please visit www.tpg.com.
Contacts: Axcan Pharma Inc. Isabelle Adjahi Senior Director,
Investor Relations and Communications 450-467-2600 ext. 2000
www.axcan.com
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