SOURCE: Pronova BioPharma ASA

December 20, 2007 02:22 ET

GlaxoSmithKline completes acquisition of Reliant Pharmaceuticals

LYSAKER, NORWAY--(Marketwire - December 20, 2007) - Pronova BioPharma ASA notes the announcement made yesterday that GlaxoSmithKline PLC ("GSK") has completed the acquisition of Reliant Pharmaceuticals Inc. ("Reliant"). This follows the US Federal Trade Commission's early termination of the waiting period required by US antitrust law.

In a separate announcement released yesterday, GSK stated that with the completion of the deal, Reliant's lead product, which is based on Pronova BioPharma's API and branded as Lovaza in the US, joins the GSK cardiovascular portfolio in the US. Lovaza is the only omega-3 derived pharmaceutical approved by the United States Food and Drug Administration for the treatment of very high triglycerides.

In yesterday's press release, Chris Viehbacher, President, US Pharmaceuticals, GSK stated:

"We're eager to begin building on Reliant's success with Lovaza. We think this medicine has significant potential to help larger numbers of patients, and we expect it to become an important driver of sales growth in the US."

Tomas Settevik, Chief Executive Officer of Pronova BioPharma, today commented:

"We are pleased that GSK's acquisition of Reliant, whose lead product is based on Pronova BioPharma's API, has been completed. We believe GSK's ownership will be extremely beneficial for the sales of Lovaza in the US. In addition, their commitment to Lovaza is a strong endorsement of our API which is marketed as Omacor by a number of other distribution partners outside of the US."

For further information, please contact:

Tomas Settevik, CEO +47 22 53 48 61
Morten Jurs, CFO +47 99 16 79 22
Hilde Steineger, Head of IR +47 48 00 42 40
Deborah Scott, Financial Dynamics +44 207 269 7110

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