mondoBIOTECH Holding AG (SIX: RARE) (“MondoBiotech”) announces today that Pierrel S.p.A. (“Pierrel”) and MondoBiotech have agreed to stop their discussions on and not to further pursue the idea of a business combination of the Contract Research Organization (CRO) of Pierrel with MondoBiotech, as expressed in the Letter of Intent signed on March 1st, 2012.
The complexity of the envisaged transaction and of a successful integration of the Pierrel Contract Research Organization (CRO) with MondoBiotech, involving two listed Groups in two different Exchanges, would have required time and costs significantly higher than expected. Therefore, also considering the current unfavorable market conditions, both Pierrel and MondoBiotech have come to the conclusion that the conditions for further pursuing the envisaged business combination are no longer given.About mondoBIOTECH
mondoBIOTECH holding AG (SIX Swiss Exchange ticker symbol: RARE), an independent Swiss biotech company, discovers drugs for patients suffering from rare diseases through its internally developed Search&Match methodology. In Search&Match mondoBIOTECH's scientists combine their unique knowledge of biologically active human peptides with advanced technology solutions delivering medicinal product candidates for rare diseases to licensing partners.
Furthermore, mondoBIOTECH has built and is expanding a continuously growing Community of high-level physicians and researchers who dedicate their life to rare diseases. This Rare Community is composed of biologists, biochemists, physicians, patients and patient advocacy organizations as well as other persons and organizations who share their experiences, know-how, expertise and skills with mondoBIOTECH to reach out to people who will benefit the most from an effective treatment, the patients.
For further information please contact
mondoBIOTECH holding AG
Maria Teresa D'Antonangelo Buehlmann
Tel.: +41 (0) 840 200 010
Fax: +41 (0) 840 200 011
This communication expressly or implicitly contains certain forward-looking statements concerning mondoBIOTECH holding AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of mondoBIOTECH holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. mondoBIOTECH holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.