Intercell in €46.75 Million IPO

March 21, 2005

Cleary Gottlieb represented Goldman Sachs International, as global coordinator and bookrunner, in the initial public offering of 8,500,000 newly issued common stock shares in Austrian biotech company, Intercell AG. The offering consisted of a public offering in Austria and a placement to institutional investors outside Austria pursuant to Regulation S and Rule 144A. The shares are listed on the Vienna Stock Exchange, and the offering is valued at €46.75 million.

Goldman Sachs International exercised an option to purchase 277,935 shares from certain existing shareholders and 989,132 shares from Intercell to cover over-allotments.

Based in Vienna, Austria, Intercell is a biotechnology company focused on developing, manufacturing and commercializing prophylactic and therapeutic vaccines against infectious diseases and commercializing the discoveries resulting from its R&D programs and technologies. Its most advanced product candidates include a prophylactic vaccine against the Japanese Encephalitis virus and a therapeutic vaccine against the Hepatitis C virus.