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Monday, November 10, 2008
Q-Med AB Forms an Independent Board Committee and Appoints Financial and Legal Advisors
Comtex
STOCKHOLM, Sweden, Nov 10, 2008 (BUSINESS WIRE) ----Regulatory News:
Q-Med AB (STO:QMED):
A public offer was presented on 3 November 2008 by Ivytan AB ("Ivytan"), indirectly owned by EQT V ("EQT") and Lyftet Holding B.V. ("Lyftet"), one of Bengt A...gerup's ("A...gerup") controlled companies, for the acquisition of all shares in Q-Med AB (publ) ("Q-Med") for 39 SEK cash per share.
Following the announcement, the Board of Q-Med has decided today in an extraordinary meeting to establish an independent Board Committee consisting of the following Board members: Pia Rudengren, Chairman of the Board, HAkan EdstrAm, Bertil Hult, Anders Milton, A...sa RAden and Pernilla StrAm. The Independent Board Committee shall evaluate all aspects of Ivytan's offer and make such decisions that the situation may require.
The Independent Board Committee has retained Morgan Stanley as financial advisor and SAdermark Law Firm as legal advisor. "Q-Med is a profitable company with strong brand names and successful products. The company has financed its growth out of stable operating cash flow. In addition, the company has a strong financial position with net cash and virtually no external debt, which is a strength not least in today's turbulent financial markets. The Board believes that Q-Med has excellent potential", says Pia Rudengren, Chairman of the Board of Q-Med.
"We and our advisors will now evaluate the offer and explore all possibilities to maximize the value for all the shareholders of Q-Med" says Pia Rudengren.
Q-Med AB is a rapidly growing and profitable biotechnology/medical device company. The company develops, manufactures, markets, and sells primarily medical implants. The majority of the products are based on the company's patented technology, NASHA(TM), for the production of stabilized non-animal hyaluronic acid. The product portfolio today contains: Restylane(R) for filling lines and folds, contouring and creating volume in the face, Macrolane(TM) for body contouring, Durolane(TM) for the treatment of osteoarthritis of the hip and knee joints, Deflux(R) for the treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder) in children, and Solesta(TM) for the treatment of fecal incontinence. Sales are made through the company's own subsidiaries or distributors in over 70 countries. Q Med today has just over 700 coworkers, with close to 500 at the company's head office and production facility in Uppsala, Sweden. Q-Med AB is listed in the Mid Cap segment of the OMX Nordic Exchange in Stockholm.
Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate identity number 556258-6882. Tel: +46(0)18-474 90 00. Fax: +46(0)18-474 90 01. E-mail: info@q-med.com. Web: www.q-med.com.
In USA, Q-Med AB's affiliate is the wholly-owned subsidiary Q-Med Scandinavia, Inc.
This information was brought to you by Cision http://www.cisionwire.com
SOURCE: Q-Med
Q-Med AB Pia Rudengren, Chairman of the Board Mobile: +46 (0)706 242041
Copyright Business Wire 2008
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