Ares Serono Acquires 99% Of InterPharm

Ares-Serono of Switzerland has successfully completed a settlement relating to litigation with Skydell which arose out of A-S' 1994 tender offer for shares of the Israeli company InterPharm Laboratories.

Pursuant to the terms of the order of settlement issued by the US District Court, A-S has received applications to sell 610,662 shares in InterPharm, which A-S has agreed to acquire. Payment for the shares was due to take place on October 31. On completion of the acquisition of these shares, A-S will hold a 99% stake.

As a result of the successful completion of the settlement, Ares-Serono says it has also agreed to purchase shares of InterPharm held by persons who were not eligible to participate in the settlement because they acquired their shares in InterPharm after May 6, 1994, the date that A-S launched its tender offer. These shares will be acquired at the same price as paid to participants in the settlement.