News Release


Kyorin Pharmaceutical Announces Signing of Acquisition Agreement of ActivX Biosciences

December 1, 2004

Kyorin Pharmaceutical Co., Ltd. (Tokyo; President: Ikuo Ogihara) ("Kyorin") agreed on December 1, 2004 with ActivX Biosciences, Inc. (California; C.E.O.: James A. Schoeneck) ("ActivX") that Kyorin will acquire ActivX. Upon the closing of the transaction, a U.S. subsidiary of Kyorin established to effectuate the acquisition will be merged with and into ActivX, and ActivX will survive the merger as a wholly owned subsidiary of Kyorin.

The aggregate price for the acquisition of ActivX is $21,000,000, and Kyorin forecasts that the economic impact on its 2004 fiscal year financial statements will be minimal.

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