Heidelberg, January 07, 2009 – The Management Board and Supervisory Board of SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today published their joint statement on the mandatory offer received on December 23, 2008 by dievini Hopp BioTech holding GmbH & Co. KG. After reviewing the mandatory offer the Management Board and Supervisory Board recommend SYGNIS shareholders to decline the offer and not to tender their shares.
The recommendation to the shareholders of SYGNIS Pharma AG is based on the Management Board’s and Supervisory Board’s opinion that the offer price of 1.44 Euros per SYGNIS share only represents the legal minimum price and does not reflect the full potential of the company. The Management Board and Supervisory Board are convinced that despite the risks inherent to the biotech and pharma industry the potential and the future prospects of SYGNIS Pharma AG are higher than the offer suggests. External advisors support the opinion of the Management Board and Supervisory Board.
The mandatory offer made by dievini Hopp BioTech results from a legal obligation after the its stakes in SYGNIS Pharma AG increased to more than 36% of the voting rights in the course of the capital increase in November 2008. Through its participation in the capital increase dievini Hopp BioTech fulfilled a financing obligation which was made in summer 2006. However dievini Hopp BioTech has expressed that it has no intention to completely take over SYGNIS Pharma AG.
The Management and Supervisory Board of SYGNIS Pharma AG greatly appreciate the commitment of dievini Hopp BioTech towards SYGNIS Pharma AG which is regarded as a positive signal. Through the strong participation in the most recent capital increase dievini Hopp BioTech and BASF SE provided significant funds to SYGNIS Pharma AG which will support the sustainable development of the company. In addition, the SYGNIS-Boards appreciate dievini Hopp BioTech’s acknowledgement of SYGNIS’ independence and stock market listing, as well as its intention to support the company’s strategy.
The joint response statement of the Management Board and Supervisory Board of SYGNIS Pharma AG is available on the company website at www.sygnis.de.