Closing of Boehringer Ingelheim`s Divestiture of Pharmaton SA to Ideasphere Cancelled
INGELHEIM, Germany, 16 February 2007 - Boehringer Ingelheim and IdeaSphere, a New York based health care company had signed on August 24, 2006 a Share Purchase Agreement (SPA) for the sale of Boehringer Ingelheim`s company, Pharmaton SA (Lugano) to IdeaSphere. Both partners had agreed to close the transaction on January 2nd 2007 after fulfilling all contractual prerequisites but had then postponed the closure until February 16th to enable a final clarification of some outstanding topics.
As to this date, IdeaSphere has not fulfilled all their closing
obligations in accordance with the contract. Therefore Boehringer
Ingelheim used its right provided by the SPA to cancel the
transaction and is in the process of considering alternative
options in the interest of both, Boehringer Ingelheim and
Pharmaton. Operations of the Pharmaton business in Lugano, as well
as marketing and distribution of Pharmaton products will continue
under Boehringer Ingelheim`s responsibility.
Contact:
Boehringer Ingelheim GmbH
Philipp Baum
55216 Ingelheim
Germany
Phone: +49/6132/77 2459
Fax: +49/6132/77 66 01
press@boehringer-ingelheim.com
Posted: February 2007
