Today Novozymes Biologicals Holding A/S, a wholly-owned subsidiary of Novozymes A/S, (“Novozymes”), has signed a pre-acquisition agreement with Philom Bios Inc. (“Philom Bios”), whereby Novozymes has agreed to offer the shareholders of Philom Bios CAD 6.50 per share in cash. This represents a total equity value of approximately CAD 25.6 million (DKK 138 million (Exchange rate 1 CAD = 5.39 DKK, Oct. 29, 2007)), corresponding to an enterprise value to sales multiple of approximately 2.0, based on 2005/06 sales. The offer includes outstanding stock options. Novozymes does not currently hold any stake in Philom Bios.
