Pharmascience Acquires Aegera Therapeutics Inc.

Pharmascience Acquires Aegera Therapeutics Inc.

MONTREAL, QUEBEC--(Marketwire - May 27, 2011) - Pharmascience, the largest generic pharmaceutical company in Quebec, is pleased to announce the acquisition of Aegera Therapeutics Inc., a Montreal-based clinical-stage biotechnology company focused on developing targeted therapeutics to address thus far unmet major medical needs, primarily in oncology.

"The acquisition of Aegera will enable Pharmascience to increase and diversify its research and development activities through the continuance of Aegera's programs," stated David Goodman, Chief Executive Officer of Pharmascience, which ranks 54th among Canada's largest R&D investors, all activity sectors combined. "This acquisition will strengthen Pharmascience's position as a pharmaceutical leader, and will solidify our organization's diversification and expansion strategy," he added.

Pharmascience is a dynamic and growing company. "We are excited by the opportunity that Aegera's business presents to Pharmascience. We are pleased to welcome Aegera's employees to our team, which will broaden and strengthen the development of our organization," concluded Pharmascience President & COO, Mario Deschamps.

Aegera's 20 plus employees will retain their jobs and will join the Pharmascience team.

About Pharmascience

Founded in 1983, Pharmascience is a Canadian-owned pharmaceutical company that is based in Montreal and has over 1,300 employees. Pharmascience recently inaugurated its new laboratories and facilities at its Montreal headquarters. Pharmascience specializes in the development and marketing of a wide range of innovative and high-quality generic drugs, available by prescription, over the counter and in hospitals. Ranked third among the largest Canadian pharmaceutical companies in terms of prescriptions, Pharmascience sells its products in over 60 countries, with sales in excess of $700 million. Pharmascience makes a difference by investing in community and charitable organizations, as well as in applied scientific research, to improve the health and well-being of people the world over.