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Karo Big Completes Novalon Acquisition

BT Catalyst, June, 2000

Novalon Pharmaceutical Corp. of Durham has officially been acquired for stock valued at $106.7 million by Karo Bio AB of Sweden.

Novalon was consolidated into its new parent in May, just two months after the proposed acquisition was announced. The acquisition resulted in an increase of Karo Bio's number of shares outstanding from 2,206,198 to 11,383,370.

The acquisition is expected to enhance Karo Bio's position in the field of nuclear receptors and in the development of genomics-based therapeutics. As a result of the acquisition, the shareholders of Novalon will own 20 percent of Karo Bio's stock.

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Karo Bio will now start several new projects within the field of nuclear receptors. The Novalon technology is expected to contribute to the international competitiveness of the projects.

Under the acquisition agreement, Novalon will operate as a U.S. subsidiary of Karo Bio and continue to employ its existing 35 employees.

According to Torben Jorgensen, the managing director of Karo Bio, having significant operations in the U.S. as well as Europe substantially enhances Karo Bio' s market exposure to potential collaborators and institutional investors.

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Karo Big Completes Novalon Acquisition

BT Catalyst, June, 2000

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