Cosmo launches IPO on the SWX Exchange

In its planned initial public offering on the SWX Swiss Exchange, Lainate, Italy-based Cosmo Pharmaceuticals will place up to 3,419,130 primary shares with up to an additional 512,870 if the over-allotment option is excercised within 30 days following the first trading day.

The price range per share being offered will be between 22 Swiss francs and 28 francs. The market capitalization will amount to approximately 321.6 million francs ($26.3 million) to as much as 409.3 million francs, without the overallotment option being exercised. The offering consists of a public offering in Switzerland and an offering to institutional investors outside Switzerland and outside the USA. Cosmo and its majority shareholder, Cosmo Holding SpA, have agreed to a lock-up for a period of 365 days and the other existing shareholders to a lock-up for a period of six months from the first trading day. Bookbuilding has already commenced and is expected to conclude on March 7, 2007. The offer price and the number of offered shares is expected to be published on March 8, with trading scheduled to begin on March 12.