Project to buy back shares

Stallergènes announces its intention to implement shortly the share buyback programme adopted at its General Meeting of December 20, 2004.  This should take the form of an Offre Publique d’Achat Simplifiée (Simplified Public Offer) for 300,000 shares, representing 9.3% of the share capital, at a price of € 90 per share (cum dividend).

This share buyback will enable Stallergènes, in a period of favourable interest rates, to optimise its financial structure between equity and debt and to increase its return on equity as well as its earning per share.  This project is compatible with the  estimated cash requirement for the development of the business, and will offer liquidity to shareholders Downloadking to tender their shares in this offer.

In addition, Stallergènes notes the waiver to the requirement to launch a public offer granted by the Autorité des Marchés Financiers (AMF; French stock market authority) to the WENDEL Investissement group in the event that, by not tendering their shares to the Offre Publique d’Achat Simplifiée, their shareholding would increase by more than 2%.

The project of Offre Publique d’Achat Simplifiée should be filed by Stallergènes at the AMF in the course of April 2005.