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Media Release

Basel, 16 February 2004

Roche completes acquisition of Igen
Broad access to immunochemistry sector

Roche announced today that it had completed the acquisition of Igen on February 13. On the same day Igen ceased trading. Igen and Roche jointly announced in July 2003 that they had entered into definitive agreements under which Roche would acquire Igen and Igen would simultaneously distribute the common stock of BioVeris, a newly formed company, to its stockholders.

The acquisition of Igen ends a long standing patent dispute and gives Roche broad access to the human in-vitro diagnostics (IVD) immunochemistry sector. Valued at 7.5 billion Swiss francs, immunochemistry is the biggest segment of the in-vitro diagnostics market. This strategic acquisition will place Roche Diagnostics in an ideal position to become the market leader in this segment in the medium to long term. In the last three years Roche has increased sales of the Elecsys immunochemistry product line by over 20% annually.

As a result of the transaction, Igen stockholders will receive $47.25 in cash and one share of BioVeris common stock for each share of Igen common stock they owned immediately prior to the closing. BioVeris common stock has been approved for listing on NASDAQ under the symbol “BIOV” and is expected to begin trading on February 17, 2004.

Heino von Prondzynski, Head of Roche Diagnostics and a member of Roche’s Corporate Executive Committee: “The acquisition of Igen gives Roche non-exclusive rights that permit us to fully exploit the potential of electrochemiluminescence (ECL) technology in the Immunochemistry IVD market to further develop the Elecsys product line. It also allows us to expand our activities in one of the division’s largest and most attractive growth areas – immunochemistry, which accounts for over 25% of the in-vitro diagnostics market. We will now continuously extend our menu including a significant number of proteomic markers“

About the immunochemistry sector
The immunochemistry sector is a segment of in-vitro diagnostics that is mainly concerned with the diagnosis of hormones, cancer markers or infectious diseases. The term immunochemistry described the use of antibodies and antigens in the analytical process as a tool for detection. In 2003 the Elecsys immunochemistry product line posted double-digit gains and reached sales of CHF 745 million1. Roche Diagnostics is constantly expanding the system’s test menu and in 2003 added a new hormone marker assay and new therapeutic drug monitoring (drug concentration) tests.

About the electrochemiluminescent technology
Electrochemiluminescent (ECL) processes are known to occur with numerous molecules including compounds of e.g. ruthenium. ECL is a process in which highly reactive species are generated from stable precursors at the surface of an electrode. These highly reactive species react with one another, producing light. The development of ECL immunoassays is based on the use of a ruthenium complex and tripropylamine (TPA). The chemiluminescent reactions that lead to the emission of light from the ruthenium complex are initiated electrically, rather than chemically. This is achieved by applying a voltage to the immunological complexes (including the ruthenium complex) that are attached to streptavidin-coated microparticles.

About Roche
Headquartered in Basel, Switzerland, Roche is one of the world’s leading innovation-driven healthcare groups. Its core businesses are pharmaceuticals and diagnostics. Roche is number one in the global diagnostics market, the leading supplier of pharmaceuticals for cancer and a leader in virology and transplantation. As a supplier of products and services for the prevention, diagnosis and treatment of disease, the Group contributes on a broad range of fronts to improving people’s health and quality of life. Roche employs roughly 65’ 000 people in 150 countries. The Group has alliances and R&D agreements with numerous partners, including majority ownership interests in Genentech and Chugai.

About BioVeris
BioVeris develops, manufactures and markets advanced biological and chemical detection systems, including instruments, tests and related consumable reagents. BioVeris’ products are based on its unique patent-protected ECL technology. BioVeris and its licensees provide products to the global diagnostics markets, including: clinical diagnostics and non-clinical diagnostics (biodefense, life science research and testing for food safety and quality control). BioVeris is headquartered in Gaithersburg, Maryland.


Additional information

1including instruments, reagents and services