Active Biotech sells its real estate in Lund for SEK 320 M with a capital gain of SEK 80M
Active Biotech has sold its real estate Lund Research Center, at IDEON in Lund, for SEK 320M to Nordisk Renting AB. The sale is part of the Active Biotech's strategy to release capital, in order to be able to concentrate on its core business.
The transaction gives for 1998 a capital gain of SEK 80M, and an increase in liquidity of SEK 320M.
A long term rental agreement, with a yearly rent of appr. SEK 20M, has been signed. Active Biotech has the possibility to repurchase the real estate after seven years.
Distribution of Movera/Sonesson
On December 9, 1998, the Swedish Government passed a law regarding an extension of the so-called lex ASEA. This means that the distribution of Movera/Sonesson can take place without liability to pay taxes for the recipients, i.e. the shareholders of Active Biotech. Therefore the Board of Directors, as mentioned in the 9-months report, will propose a distribution of Movera/Sonesson at the Annual General Meeting on April 15, 1999.
After this Active Biotech will be focused only on biotechnology.
Due to the sale of the real estate and the proposal to distribute Movera/Sonesson, instead of a sale, the forecast for 1998 will be revised to SEK -45 M. This is an improvement of SEK 30M compared to previous forecast.
Lund December 22, 1998
Active Biotech AB
President, Active Biotech AB
Active Biotech is a biotechnology company with a broad and in-depth product portfolio and with sustainable liquid funds. The Group's operations are based on know-how in immunology. Some 185 researchers in Lund, Solna and Cambridge develop vaccines for tourist diarrhoea, cholera, polio, streptococci and streptococci infections, and conduct research into new drugs for treatment of multiple sclerosis, rheumatism, asthma and cancer.
Active Biotech AB
P.O. Box 724, SE-220 07 Lund
Tel.: +46 46 19 10 00 Fax: +46 46 19 20 50