MONT-SAINT-HILAIRE, QUEBEC (NASDAQ: AXCA) today announced that
the Quebec Superior Court has issued an interim order authorizing,
among other things, the holding of a special meeting of the
shareholders of Axcan, at which shareholders will be asked to
consider the previously-announced arrangement with an affiliate of
TPG Capital, L.P.
The special meeting will be held on Friday, January 25, 2007, at
9:30 a.m. in Montreal at the Hotel Omni Mont-Royal, 1050 Sherbrooke
Street West, Montreal, Quebec, H3A 2R6, Salle Printemps.
As per the terms of the interim order, the record date for
determining the shareholders entitled to receive notice of and to
vote at the special meeting is the close of business on December
21, 2007.
A notice of special shareholder meeting and management proxy
circular will be mailed to shareholders shortly, filed with
applicable regulators and posted on Axcan's website at
www.axcan.com. The circular will provide important information
about the proposed transaction, as well as important information
relating to voting procedures.
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. 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 Capital
TPG Capital is the global buyout group of TPG, 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 Capital
has extensive experience with global public and private investments
executed through leveraged buyouts, recapitalizations, spinouts,
joint ventures and restructurings. TPG Capital seeks to invest in
world-class franchises across a range of industries, including
healthcare (Biomet, Fenwal, IASIS Healthcare, Oxford Health Plans,
Parkway Holdings, Quintiles Transnational, Surgical Care
Affiliates), retail/consumer (Debenhams, Ducati, J. Crew, Myer,
Neiman Marcus, Petco, TOMY Company), travel (America West,
Continental, Hotwire, Sabre), media and communications (Alltel,
Avaya, Findexa, Hanaro Telecom, MGM, TIM Hellas), industrials
(Altivity Packaging, British Vita, Energy Future Holdings (formerly
TXU), Grohe, Kraton Polymers, Texas Genco), technology (Freescale
Semiconductor, Lenovo, MEMC, ON Semiconductor, Seagate, SunGard)
and financial services (Ariel Reinsurance, Fidelity National
Information Services, LPL Financial Services, Shenzhen Development
Bank, Taishin Holdings), among others. Please visit
www.tpg.com.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements relating
to the proposed acquisition of Axcan Pharma Inc., including
statements regarding the completion of the proposed transaction and
other statements that are not historical facts. Such
forward-looking statements are subject to important risks,
uncertainties and assumptions. The results or events predicted in
these forward-looking statements may differ materially from actual
results or events. As a result, you are cautioned not to place
undue reliance on these forward-looking statements.
The completion of the proposed transaction is subject to a
number of terms and conditions, including, without limitation: (i)
applicable governmental authorities approvals, (ii) required Axcan
shareholder approval, (iii) necessary court approvals, and (iv)
certain termination rights available to the parties under the
Arrangement Agreement. These approvals may not be obtained, the
other conditions to the transaction may not be satisfied in
accordance with their terms, and/or the parties to the Arrangement
Agreement may exercise their termination rights, in which case the
proposed transaction could be modified, restructured or terminated,
as applicable.
The forward-looking statements contained in this news release
are made as of the date of this release. We disclaim any intention
and assume no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Additionally, we undertake no obligation to comment
on expectations of, or statements made by, third parties in respect
of the proposed transaction. For additional information with
respect to certain of these and other assumptions and risks, please
refer to the related material change report and the Arrangement
Agreement filed by Axcan Pharma Inc. with the Canadian securities
commissions (available at www.sedar.com) and with the U.S.
Securities and Exchange Commission (available at www.sec.gov).
Contacts: Axcan Pharma Inc. Isabelle Adjahi Senior Director,
Investor Relations and Communications 450-467-2600 ext. 2000
www.axcan.com
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