PRESS RELEASE: Vontobel Group withdraws its proposal to restructure BB Biotech AG into an unlisted investment fund

BB BIOTECH AG / Vontobel Group withdraws its proposal to restructure BB Biotech AG into an unlisted investment fund . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

The Board of Directors of BB Biotech AG (ticker symbol: BION) learnt from a media release issued by Vontobel Group that, in view of adverse tax consequences for BB Biotech shareholders, Vontobel Group is no longer pursuing its proposal to change BB Biotech's legal structure from a listed investment company into an unlisted investment fund and, consequently, is withdrawing its share exchange proposal.

In a media release issued on July 19, 2012, the Board of Directors of BB Biotech set out a number of reasons why Vontobel Group's proposal was not in the best interests of the company and its shareholders, and, therefore, rejected the proposal. With regard to tax treatment, the Board of Directors of BB Biotech stated in that release that Vontobel Group's proposal failed to provide answers to critical tax questions and that Vontobel Group had been unable to demonstrate that its proposal would not result in adverse tax consequences for BB Biotech shareholders.

For further information: Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland Thomas Egger, Tel. +41 44 267 67 09, teg@bellevue.ch www.bbbiotech.com

Company profile BB Biotech invests in companies in the fast growing market of biotechnology and is one of the world's largest investors in this sector with approx. CHF 1.2 billion in assets under management. BB Biotech is listed in Switzerland, Germany and Italy. Its investments are focused on listed companies that are developing and commercializing novel medical treatments and cures. BB Biotech's investment selection process is guided by the fundamental research and analysis of physicians and molecular biologists. Its Board of Directors has many years of experience in industry and science.

Disclaimer This release contains forward-looking statements and expectations as well as assessments, beliefs and assumptions. Such statements are based on the current expectations of BB Biotech, its directors and officers, and are, therefore, subject to risks and uncertainties that may change over time. As actual developments may significantly differ, BB Biotech and its directors and officers accept no responsibility in that regard. All forward-looking statements included in this release are made only as of the date of this release and BB Biotech and its directors and officers assume no obligation to update any forward-looking statements as a result of new information, future events or other factors.

Media Release (PDF): http://hugin.info/130285/R/1659307/537178.pdf

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Source: BB BIOTECH AG via Thomson Reuters ONE [HUG#1659307]

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   November 20, 2012 01:29 ET (06:29 GMT)- - 01 29 AM EST 11-20-12