Technilab To Acquire AltiMed

The acquisition of AltiMed Pharmaceutical Co. (Mississauga, Ontario) by Technilab Pharma Inc. (Mirabel, Quebec) for $15 million cash and a $3 million earn-out has created the third largest generic drug company in Canada. AltiMed had previously been jointly owned by Hoffman-La Roche Ltd., Pharmacia & Upjohn Inc. and Glaxo Wellcome Inc. The acquisition, which is scheduled to be completed by the end of February 1999, is subject to review by the Bureau of Competition Policy of Industry Canada and regulatory authorities.

Having acquired AltiMed as a wholly-owned subsidiary, sales of Technilab will more than double to over $160 million on a yearly basis, moving Technilab from sixth to third place among Canadian generic drug manufacturers in terms of sales revenue.

For more information: Technilab Pharma Inc., 17800 rue Lapointe, Mirabel, Quebec, J7l 1P3, Canada. Telephone: 450-433-7673, ext. 337. Fax: 450-979-6350.