Fresenius SE has agreed to acquire APP Pharmaceuticals, a provider of hospital-based injectable pharmaceutical products for $3.7 billion. The agreement also includes a contingent value right ("CVR") that could deliver as much as $970 million more by 2011, depending on APP's success. In addition, Fresenius will assume all of APP's outstanding debt, a net of $940 million; the total value of the acquisition could reach $5.6 billion.

APP will join Fresenius as part of its Fresenius Kabi division. Through the acquisition of APP, Fresenius Kabi enters the U.S. pharmaceutical market and achieves a strong position in the U.S. injectable generics market.

Dr. Ulf Mark Schneider, chairman of the board of Fresenius SE, remarked, "APP is a fast-growing, highly profitable company with a strong management team that has an excellent market position in the U.S. Our firm very much shares APP's dedication to quality and medical excellence for the benefit of patients. The acquisition provides significant growth opportunities for Fresenius Kabi. With the APP platform, Fresenius Kabi will be able to market its product range in the U.S. Fresenius Kabi's international marketing and sales network will allow us to sell APP's products globally. We welcome APP employees to our team and very much look forward to serving the North American healthcare community."

Headquartered in Schaumburg, IL, APP is a hospital-based injectable pharmaceutical company, focusing on oncology, anti-infective, anesthetic/analgesic and critical care markets. The company develops, produces and markets a portfolio of more than 100 hospital-based injectable products and operates three manufacturing facilities producing a range of dosage formulations, including lyophilization.

Althea Technologies, has signed a Letter of Intent to establish a complementary commercialization partnership with Protein'eXpert of Grenoble, France. The agreement provides access to Protein'eXpert's advanced protein engineering, process development and optimization expertise, along with the Althea's cGMP manufacturing resources for production and fill/finish services from Phase I clinical to commercial manufacturing.

"The partnership with Althea Technologies is a great opportunity for us. Their very strong position in the U.S. market and their outstanding production facilities shall perfectly complement our expertise and set of services based on Recombinant protein engineering, development and small scale cGMP production," says Dr. Tristan Rousselle, chief executive officer of Protein'eXpert.

"We are very pleased to enter this agreement with Protein'eXpert. Their highly regarded science and service standards are a wonderful complement to Althea's manufacturing services. We are confident that this will strengthen Althea's presence in Europe and provide Althea clients valuable early stage process development capabilities," stated Dr. Magda Marquet, president and co-chief executive officer of Althea Technologies.

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