SICOR Announces Divestiture of Certain Interest In

Proprietary Research and Development Company IRVINE, Calif. (PROTEXT) - SICOR Inc. (Nasdaq: SCRI) todayannounced that it has divested a 46% stake of its MetabasisTherapeutics Inc. subsidiary to Metabasis management headed byDr. Paul Laikind. In addition, Metabasis has secured additionalfunding from Sankyo Co., Ltd. in the form of prepaid milestonepayments and supplemental research funding under the researchagreement between Sankyo and Metabasis, and a five-yearconvertible note. Following this transaction, SICOR will retain a 46% equityinterest in Metabasis and will receive royalty payments iftechnologies currently owned by Metabasis are licensed or ifproducts are developed and sold using those technologies. Due tothe uncertain value of the remaining interest, SICOR plans totake a special accounting charge of approximately $2 million inthe second quarter ended June 30, 1999 to write-off itsinvestment in Metabasis. "This transaction will allow SICOR to discontinue recognizingMetabasis' financial losses, while providing a basis for it toshare in any success that Metabasis might achieve in the future,"said Carlo Salvi, president and chief executive officer. "Thismajor step in our restructuring phase allows us to concentrateour efforts on enhancing the performance of our specialtypharmaceutical business. "SICOR's strategy is to focus on growing its core specialtypharmaceutical business and to divest its non-core operations,"continued Salvi. "We believe that the Metabasis management teamis better positioned to run a novel drug discovery operation andthat this transaction will enhance the chance of future successof Metabasis." Dr. Paul Laikind, president, chief executive officer andchairman of Metabasis stated, "This restructuring providesMetabasis an opportunity to set its own course as an independent,private company. Over the past few years, we restructured andrefocused the Metabasis discovery and development programs. As aresult, Metabasis hopes to emerge with new platform technologies,a pipeline of early and advanced products, a strong relationshipwith Sankyo focused on Type II diabetes and possible newcorporate alliance opportunities that will be pursued. TheMetabasis management and employee team look forward toestablishing Metabasis Therapeutics, Inc. as a premier,independent biopharmaceutical company." SICOR Inc. is a vertically integrated specialty pharmaceuticalcompany with proven expertise in the development, manufacturingand marketing of multi-source injectable pharmaceuticals. With astrategy of combining both the production of activepharmaceutical ingredients utilizing synthesis or fermentationand state of the art manufacturing facilities, SICOR's primaryfocus is on the worldwide injectable pharmaceutical market, whichcurrently includes oncology, anesthesiology, cardiology and othertherapeutic areas. SICOR operates several manufacturingfacilities in Europe, Mexico and the U.S.A., while maintainingthe corporate headquarters in Irvine, California. This press release contains forward looking statements thatare subject to risks and uncertainties that could cause actualresults to differ materially from those set forth in the forwardlooking statements, including whether Metabasis will ever besuccessful as an independent entity, whether SICOR will enhanceits performance, whether this transaction will be positive forour shareholders, and those matters set forth in the risk factorssection of SICOR's filings on Forms 10-K and 10-Q with theSecurities and Exchange Commission. These forward lookingstatements represent the Company's judgment as of the date ofthis press release. The Company disclaims any intent orobligation to update these forward looking statements. For more information on the Company, visit SICOR's web site atwww.gensiasicor.com. News releases are also available at nocharge through PR Newswire's News On-Call fax service. For a menuof available news releases or to retrieve a specific release madeby Sicor, call 800-758-5804, extension 354050. Please retainthese numbers for future reference. ots Original Text Service:SICOR Inc. Internet: http://www.newsaktuell.de Contact: LaurieW. Little of SICOR Inc., 949-455-4879; or Carolyn Bass or JimByers, 415-296-7383, or Patricia Walsh or Mark Owen, 212-850-5600, all of Morgen-Walke Associates, Inc. Company News On-Call:http://www.prnewswire.com/comp/354050.html or fax, 800-758-5804,ext. 354050 Web site: http://www.gensiasicor.com

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