UPDATE ON THE PROPOSED SALE OR MERGER OF THE COMPANY

Edinburgh, UK, 27 March 2008 - Ardana plc (“Ardana” or the “Company”) (LSE:ARA) the pharmaceutical company specialising in improving human reproductive health, today provides an update to shareholders on developments in relation to the proposed sale or merger of the Company (the “Process”), as announced on 19 February 2008.

 

Since the announcement, the Company has held discussions with a significant number of interested parties. Even at this early stage, the Company can confirm that it has received a number of approaches which may or may not lead to an offer for the Company. It is the Board’s intention to ensure that all interested parties are brought rapidly to the same point in the Process, such that the Board will be in a position to compare all potential offers equitably.

 

In addition, the Process has generated significant interest in potential licensing opportunities for one or more of the Company’s products.  The Board is progressing these licensing discussions in parallel with the Process, to ensure that the Company is in a position to maximise shareholder value at the appropriate time. However, the Board will only pursue a licensing transaction if it does not negatively affect the value of the Company in the view of potential acquirers.

 

Given the level of interest in the Company and its products generated by the Process to date, the Board sees no reason for the significant fall in share price since the announcement on 19 February 2008.

 

A further update will be provided to shareholders in due course

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