VERNALIS - time to buy?

Well that's that then:

Completion - Cita Acquisition

RNS Number:6329V
Vernalis PLC
14 December 2005



Date: 14 December 2005

Vernalis plc

Vernalis completes the acquisition of Cita NeuroPharmaceuticals Inc


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

Vernalis plc (LSE: VER, NASDAQ: VNLS) ("Vernalis" or the "Company") announces
that it has completed the acquisition of the privately held Canadian company,
Cita NeuroPharmaceuticals Inc. ("Cita").

In consideration for Vernalis acquiring the entire issued share capital of Cita,
Vernalis has today issued as initial consideration 26,915,831 new Vernalis
Ordinary Shares. Of these shares, 2,630,847 Ordinary Shares have been issued to
certain Cita shareholders and the remaining 24,284,984 Ordinary Shares have been
placed by Piper Jaffray pursuant to a Vendor Placing, which also completed
today, to realise cash proceeds payable to certain Cita shareholders of #15.3
million (before expenses).

As a result of the acquisition of Cita (including the Vendor Placing) and a
Placing and Open Offer by the Company, which also completed today, the enlarged
issued share capital of Vernalis is 311,463,549 Ordinary Shares.

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