Offer Update - Offer Extended - -2-

Republic of South Africa or Japan. The availability of the Offer to persons 
outside the United Kingdom may be affected by the laws of other jurisdictions. 
Such persons should inform themselves about and observe any applicable 
requirements of those jurisdictions. 
 
The Offer Document is available on Recipharm's website www.recipharm.com and on 
Cobra's website at www.cobrabio.com. and will continue to be made available on 
these websites free of charge whilst the Offer remains open for acceptance. 
 
Dealing Disclosure Requirements 
 
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes, 
"interested" (directly or indirectly) in 1 per cent. or more of any class of 
"relevant securities" of Cobra, all " dealings" in any "relevant securities" of 
Cobra (including by means of an option in respect of, or a derivative referenced 
to, any such "relevant securities") must be publicly disclosed by no later than 
3.30 pm (London time) on the London business day following the date of the 
relevant transaction. This requirement will continue until the date on which the 
Offer becomes unconditional as to acceptances, lapses or is otherwise withdrawn 
or on which the "offer period" otherwise ends. If two or more persons act 
together pursuant to an agreement or understanding, whether formal or informal, 
to acquire an "interest" in "relevant securities" of Cobra, they will be deemed 
to be a single person for the purpose of Rule 8.3. 
 
Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant 
securities" of Cobra by Recipharm, must be disclosed by no later than 12.00 noon 
(London time) on the London business day following the date of the relevant 
transaction. 
 
A disclosure table, giving details of the companies in whose "relevant 
securities" "dealings" should be disclosed, and the number of such securities in 
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk. 
 
"Interests in securities" arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an "interest" by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to, securities. 
 
Terms in quotation marks are defined in the City Code, which can also be found 
on the Panel's website. If you are in any doubt as to whether or not you are 
required to disclose a "dealing' under Rule 8, you should consult the Panel. 
 
 
Enquiries: 
 
 
+--------------------------------------+--------------------------+ 
| COBRA BIO-MANUFACTURING PLC          | Telephone: [phone]  | 
| Danny Chapchal, Chairman             | 714 181                  | 
| Simon Saxby, Chief Executive         |                          | 
| Peter Coleman, CFO and Company       |                          | 
| Secretary                            |                          | 
+--------------------------------------+--------------------------+ 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| RECIPHARM AB                         | Telephone: +46 (0) 8     | 
|                                      | 6025313                  | 
+--------------------------------------+--------------------------+ 
| Carl-Johan Spak, Vice President      |                          | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| Seymour Pierce LIMITED               | Telephone: +44 (0) 207   | 
| (Financial Adviser, Nominated        | 107 8000                 | 
| Adviser and Broker to Cobra)         |                          | 
| Chris Howard                         |                          | 
| Christopher Wren                     |                          | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| ACORN CAPITAL PARTNERS               | Telephone: +44(0) 870    | 
| (Financial Adviser to Recipharm)     | 122 5432                 | 
+--------------------------------------+--------------------------+ 
| Harry Dutson                         |                          | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| BUCHANAN COMMUNICATIONS              | Telephone: +44 (0) 207   | 
| Tim Anderson                         | 466 5000                 | 
+--------------------------------------+--------------------------+ 
 
The Directors of Cobra accept responsibility for the information contained in 
this announcement relating to Cobra, the Cobra Directors and members of their 
immediate families, related trusts and persons connected with them. To the best 
of the knowledge and belief of the Directors of Cobra (who have taken all 
reasonable care to ensure that such is the case) the information contained in 
this announcement for which they are responsible is in accordance with the facts 
and does not omit anything likely to impact the import of this announcement. 
 
The Directors of Recipharm accept responsibility for the information contained 
in this announcement other than relating to Cobra, the Cobra Directors and 
members of their immediate families, related trusts and persons connected with 
them. To the best of the knowledge and belief of the Directors of Recipharm (who 
have taken all reasonable care to ensure that such is the case), the information 
contained in this announcement for which they are responsible is in accordance 
with the facts and does not omit anything likely to affect the import of such 
information. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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