Circassia Declares The Offer For Aerocrine Unconditional And Extends The Acceptance Period

On 15 May 2015, Circassia Pharmaceuticals plc ("Circassia") made a public cash offer to the shareholders of Aerocrine AB ("Aerocrine") to tender all their shares in Aerocrine to Circassia at a price of SEK 2.55 in cash per share (the "Offer"). The acceptance period ended on 11 June 2015.

During the acceptance period 647,106,297 shares have been tendered in the Offer, corresponding to approx. 92.6 percent of the shares and the voting rights in Aerocrine. All conditions for the Offer have been fulfilled and Circassia hereby declares the Offer wholly unconditional.

Settlement for shares tendered up until 11 June 2015 will be made on or around 18 June 2015. To provide the remaining shareholders in Aerocrine more time to consider and to accept the Offer, the acceptance period has been extended until 26 June 2015, 5.00 p.m. (CET). Settlement for shares tendered after 11 June 2015 is expected to begin on or around 2 July 2015. No further extension will take place.

Prior to the Offer, Circassia did not hold or control any shares, directly or indirectly, in Aerocrine or any holdings of financial instruments which would have given Circassia a financial exposure equivalent to a shareholding in Aerocrine.

Circassia may acquire shares in the market during the extended acceptance period where permitted.

Since Circassia holds more than 90 percent of the shares in Aerocrine, Circassia intends to call for compulsory acquisition of the remaining shares in Aerocrine in accordance with the Swedish Companies Act and intends to act to have the Aerocrine shares de-listed from Nasdaq Stockholm.

For enquiries, please contact:
Circassia Pharmaceuticals plc +44 (0)1865 405 560
Steve Harris
Julien Cotta
Rob Budge


J.P. Morgan Cazenove
+44 (0)20 7742 4000
James Mitford
Alex Bruce

Peel Hunt LLP
+44 (0)20 7418 8900
James Steel
Clare Terlouw

FTI Consulting
+44 (0)20 3727 1000r
Ben Atwellr
Simon Conway
Mo Noonan

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