Press release from Marketwire
Labopharm Inc. Shareholders Vote to Approve Acquisition by Paladin Labs Inc.
Wednesday, October 05, 2011
Labopharm Inc. Shareholders Vote to Approve Acquisition by Paladin Labs Inc.13:30 EDT Wednesday, October 05, 2011MONTREAL, QUEBEC and LAVAL, QUEBEC--(Marketwire - Oct. 5, 2011) - Paladin Labs Inc. ("Paladin")(TSX:PLB) and Labopharm Inc. ("Labopharm")(TSX:DDS) today announced that at the Special Meeting of Labopharm shareholders (the "Meeting") held today, Labopharm shareholders voted to pass the special resolution (the "Arrangement Resolution") approving a plan of arrangement by which Chimigen Inc., a wholly-owned subsidiary of Paladin, will acquire all of the issued and outstanding common shares of Labopharm (the "Arrangement") at a price of $0.2857 per share in cash. 73.24% of the shares voted at the Meeting were cast in favour of the Arrangement Resolution.Under the Business Corporations Act (Québec)(the "QBCA"), the Arrangement requires the approval of the Court. Labopharm obtained an Interim Court Order on August 26, 2011, to provide for the calling and holding of the Meeting. The hearing in respect of the Final Order to approve the Arrangement will take place on October 6, 2011 at 9:15 a.m. (Montreal time) at the Superior Court of Québec, in Montreal. Assuming the Final Order is granted, Articles of Arrangement will be filed with the Enterprise Registrar under the QBCA to give effect to the Arrangement.About Labopharm Inc.Labopharm is focused on realizing value from its commercialized products and creating additional value by leveraging its emerging technology platforms to develop increasingly differentiated products. For more information, visit www.labopharm.com.About Paladin Labs Inc.Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on researching, developing, acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com.This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Both Labopharm and Paladin consider the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of Labopharm/Paladin and their subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in Labopharm's/Paladin's Annual Information Form for the year ended December 31, 2010. Labopharm and Paladin disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult Labopharm's/Paladin's ongoing quarterly fillings, annual report and Annual Information Form and other fillings found on SEDAR at www.sedar.com.FOR FURTHER INFORMATION PLEASE CONTACT: Lawrence ChamberlainFor Labopharm At The Equicom Group:Media and Investor Relations(416) 815-0700 ext. email@example.comORJoe RacanelliFrench:(514) firstname.lastname@example.orgORSamira Sakhia, CA, MBA - Chief Financial OfficerAt Paladin Labs:Paladin Labs Inc.(514) 669-5367(514) 344-4675 (FAX)email@example.com