GERMANY - SHS and tbg exit Novosis

SHS Gesellschaft für Beteiligungsmanagement mbH has sold its stake in Miesbach-based pharaceutical specialist Novosis to Swiss-listed Schweizerhall Holding AG. State financial investor tbg has also agreed to exit its stake by way of a staggered process over time. Depending on the future development of the company, the value of the exit could reach up to EUR 80m. Funds advised by SHS acquired a 33% stake in Novosis in 2001. The company's turnover has since grown from approximately EUR 2m to an estimated EUR 16m in 2006.