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VANCOUVER, Nov. 18 /PRNewswire-FirstCall/ - ID Biomedical Corporation
(TSX: IDB; NASDAQ: IDBE) ("ID Biomedical") announced today that its
application to the British Columbia Supreme Court to approve the proposed
acquisition of ID Biomedical by GlaxoSmithKline plc. and GlaxoSmithKline Inc.
has been rescheduled from today to Friday, December 2, 2005.
Completion of the proposed transaction remains subject to a number of
conditions, including receipt of certain regulatory approvals and approval of
the British Columbia Supreme Court. ID Biomedical continues to expect the
transaction to be completed by late 2005 or early 2006.
ID Biomedical will provide further updates on the expected timing of the
proposed transaction in the near future.
About ID Biomedical
ID Biomedical is an integrated biotechnology company dedicated to the
development of innovative vaccine products. It operates in research,
development, manufacturing, sales and marketing from its facilities in Canada
and in the United States. ID Biomedical is dedicated to becoming a premier
vaccine company with significant marketed products worldwide and an extensive
pipeline in both clinical and preclinical development.
ID Biomedical has a leading position in the Canadian influenza market. It
received a ten year mandate from the Government of Canada in 2001 to assure a
state of readiness in the case of an influenza pandemic and provide influenza
vaccine for all Canadians in such an event. It also currently supplies
approximately 75% of the Canadian governments influenza vaccine purchases.
The information in this news release contains so-called "forward-looking"
statements. These include statements regarding ID Biomedicals expectations
and plans relating to the interaction of the vaccine business acquired from
Shire, statements about ID Biomedicals expectations, beliefs, intentions or
strategies for the future, which may be indicated by words or phrases such as
"anticipate", "expect", "intend", "plan", "will", "we believe", "ID Biomedical
believes", "management believes", and similar language. All forward-looking
statements are based on ID Biomedicals current expectations and are subject
to risks and uncertainties and to assumptions made. Important factors that
could cause actual results to differ materially from those expressed or
implied by such forward-looking statements include: (i) the companys ability
to successfully complete the proposed GlaxoSmithKline transaction; (ii) the
companys ability to successfully complete preclinical and clinical
development of its products; (iii) the companys ability to manufacture its
products; (iv) the seasonality of the flu-vaccine business and related
fluctuations in the companys revenues from quarter to quarter; (v) decisions,
and the timing of decisions, made by the health regulatory agencies regarding
approval of its products for human testing; (vi) the companys ability to
enter into distribution agreements for its products, and to complete and
maintain corporate alliances relating to the development and commercialization
of its technology and products; (vii) market acceptance of its technologies
and products; and (viii) the competitive environment and impact of
technological change and other risks detailed in the companys filings with
the Securities and Exchange Commission. ID Biomedical bases its forward-
looking statements on information currently available to it, and assumes no
obligation to update them.
For further information, please contact:
Investor Relations/Media
Dean Linden Michele Roy
(604) 431-9314 (450) 978-6313
dlinden@idbiomedical.com mroy@idbiomedical.com
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