Sanitas AB - Notification on material event

SIGNING OF THE SHARE SALE AND PURCHASE AGREEMENT

Kaunas, Lithuania, 2011-05-24 07:49 CEST (GLOBE NEWSWIRE) -- Funds advised by
Citi Venture Capital International (“CVCI”, through the legal entities
Citigroup Venture Capital International Jersey Limited and Baltic Pharma
Limited), Invalda AB (“Invalda”) (www.invalda.com), Amber Trust II S.C.A.
(“Amber”) and certain other persons (together the “Controlling Shareholders”),
today, Tuesday 24th May 2011, signed a definitive share sale and purchase
agreement for the sale of their entire shareholding in the company to Valeant
Pharmaceuticals International, Inc. (“Valeant”).  Pursuant to the share sale
and purchase agreement, Valeant will acquire up to 27,122,593 ordinary
registered shares in Sanitas AB, representing 87.2% of its authorised capital. 
The transaction is subject to certain conditions that must be satisfied before
it can be completed, including the approval of relevant competition
authorities. 
The purchase price for shares of the 87.2% shareholders payable at closing will
be in the range from EUR 10.00 to EUR 10.18 per ordinary registered share of
Sanitas AB. The share sale and purchase agreement provides for the possibility
to adjust the price based on certain adjustments at closing, which is expected
to take place no later than 30th September 2011. 
Following the completion of the transaction, Valeant will be required, under
the Lithuanian takeover regulations, to launch a mandatory takeover offer to
acquire the remaining shares in Sanitas AB from the minority shareholders. 
Sanitas AB will continue to carry out its ordinary day-to-day activities. 
Further announcements will be made when appropriate. 
Jefferies International Limited acted as the sole financial advisor to Sanitas
AB.  Raidla Lejins & Norcous acted as legal counsel to Sanitas AB. 
This announcement is also available on Sanitas AB' website:
www.sanitasgroup.com. 




         A person authorised to provide additional information: Mr. Saulius
Jurgelėnas, Chief Executive Officer of Sanitas AB, phone number +370 686 67779.