Acquisition of Lund Research Center (SE) by Active Biotech AB (SE) from Pharmacia & Upjohn (US) — SEK 380 million

Carnegie acted as adviser to Active Biotech AB in the acquisition of Lund Research Center through a directed issue of 2 million shares to Pharmacia & Upjohn. Active Biotech AB is a Swedish biotechnology company focusing on development and distribution of vaccines and research in inflammatory diseases.May, 1998.