POMPEY, France, September 18 /PRNewswire/ --

- Combined Company Will Become one of the Leading Suppliers for 
the Life Science Industries

Groupe Novasep announced today that the company is finalizing
discussions to acquire Bahamas-based PharmaChem Technologies (Grand Bahama)
Ltd for an undisclosed amount.

The combination of Novasep and PharmaChem responds to their
shared vision of becoming the leading global supplier for the Life Sciences
industries, built upon unique synergies between these technology-driven
companies.

Customers worldwide will now benefit from Novasep's top-notch
R&D capabilities and innovative technologies along with PharmaChem's ample
manufacturing capacity to produce smart APIs and intermediates.

"This acquisition reinforces our position of leadership as a
global supplier of active molecules for the Life Sciences, produced in
economical conditions as to comply with health, environment, and quality
standards of the highest levels" commented Roger-Marc Nicoud, President of
Group Novasep, and added "Groupe Novasep intends to continue developing
PharmaChem's activities and to build synergies with our Synthesis and Process
businesses".

Pietro Stefanutti, founder and President of PharmaChem will
assume, in addition to his current responsibilities, the role of Chairman of
the Board of the combined company while Mr. Nicoud will remain as President
and Chief Executive Officer of Groupe Novasep. Mr. Stefanutti stated "We are
very pleased to be joining Novasep in their quest to become the first-choice
partner of the Life Sciences industries. Our commitment is to contribute and
improve the health of the world's population".

PharmaChem's facility, based in Freeport, Bahamas is a cGMP
compliant and FDA inspected plant with strong growth potential. This modern
facility currently manufactures the leading antiretroviral API for a major
Nasdaq-100 company committed to the treatment of HIV/AIDS worldwide.

Once the transaction is complete both companies will continue
to operate under their current entity names and management structure.

About Groupe Novasep

With its headquarters near Nancy (in Eastern France), is a
leading partner for the pharmaceutical, food, cosmetics, agrochemicals, and
specialty chemicals industries through its two business segments - Novasep
Process and Novasep Synthesis. Both strategic businesses are complementary
organizations with skills designed to provide technically optimized and
economical solutions for the life-science sector and related industries.

About PharmaChem Technologies Limited

PharmaChem Technologies (Grand Bahama) Ltd. is a privately held Bahamian
company producing bulk Active Pharmaceutical Ingredients and Registered
Intermediates. These products are used everyday to save lives in the whole
world and make it a better place to live. PharmaChem's plant which was
initially established in 1967 by Syntex Pharmaceuticals and acquired by the
current owners in September 2003 is located on a 62 acre facility, of which
22 acres are currently developed, and has benefited over the years from
several major upgrades making it a modern facility with an excellent cGMP
history, with room for further expansion. The Freeport location gives
PharmaChem Technologies a geographical position to easily supply its existing
customers in the USA, and with Freeport's own deep water transhipment
container port and international airport, the ability to supply customers
globally.

Press contact
    Groupe Novasep
    Mr Jean-Marc Le Rudulier
    Marketing & Communication Director
    Groupe Novasep
    82 Bd de la Moselle -B.P. 50
    54340 Pompey - France
    Tel : +33-(0)3-83-49-71-46
    Mob : +33-(0)6-87-69-06-57
    jean-marc.le.rudulier@novasep.com

    Press contact
    PharmaChem Technologies
    Mr Randy Thompson
    PharmaChem
    West Sunrise Highway
    Freeport, Grand Bahama Island
    The Bahamas
    Tel : +1-242-688-2511
    rthompson@pharmachemtech.com