The Linde Group combines INO Therapeutics into newly formed pharmaceuticals company

Wiesbanden/Munich, 22 February 2007 - The Linde Group ("Linde") has signed a definitive agreement to contribute INO Therapeutics LLC ("INO"), a wholly-owned subsidiary of Linde, to a subsidiary of Ikaria Holdings, a newly formed investment company led by US private equity company New Mountain Capital.
INO operates in the critical care and focuses on the development, marketing, and selling of proprietary drug-device combination products targeted at in-hospital treatment of respiratory diseases and other related ailments in the critical care market through inhaled nitric oxide therapy. In fiscal year 2006 and with a work force of approximately 270, INO generated sales of approximately 130 million Euro.

Ikaria Holdings will combine INO with Ikaria Inc., a private, U.S. biotechnology company. Under the terms of the agreement, Linde will receive approximately 380 million Euro in cash and a 17 percent stake in Ikaria Holdings.

Ikaria Holdings, with headquarters in Clinton, N.J., will have over 300 employees and will focus on the critical care market. The combined company's attractive pipeline together with the expertise in the management team and its new shareholders will allow it to capture the potential offered by the international pharmaceuticals market.

The transaction is subject to customary regulatory approvals and the approval of the responsible antitrust authorities.