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• A proactive partnering strategyTo meet its research and development goals, Guerbet has developed partnership and collaborationagreements. This approach to research open to the outside world provides the Group a means of access tothe most advanced worldwide scientific expertise. Medical imaging is an inherently multidisciplinary fieldwhere expertise in chemicals, physics, computer science, image processing, biology and medicine are allnecessary. In this way, for Guerbet, a collaborative approach is considered to constitute a key successfactor.Several network-based collaborative research programs are being pursued at the same time. The mostimportant among them is the Franco-German research project Iseult – Inumac, co-financed by OSEOInnovation in France and the German Federal Ministry of Education and Research (BmBF) in Germany.The goal of this project is to contribute to advances in MRI using high magnetic fields. The benefitsexpected from these new technologies involve switching from anatomical imaging to molecular imagingcontributing to a more detailed understanding of pathophysiological mechanisms that are today notaccessible to doctors and will provide benefits in detecting, monitoring and treating major pathologies. Thetarget clinical indications are brain tumours, stokes and Alzheimer's diseases.This collaborative research programme includes participants covering the entire R&D and MRImanufacturing spectrum:- Guerbet, the coordinator for French participants and contrast agent manufacturer;- Siemens Medical Solution, the coordinator for Germany and manufacturer of MRI systems;- Bruker Biospin, specialised in MRI instrumentation and components;- and academic research teams of Neurospin;- the ultra-high-field neuroimaging centre of the French Alternative Energies and Atomic EnergyCommission (CEA) in Saclay (France), the University of Fribourg, with cutting-edge expertise inmedical imaging.Guerbet is also pursuing R&D in Nuclear Medicine through three other collaborative projects co-financed byOseo Innovation and the General Regional Council of Seine Saint Denis for the third: Gallimed, IMAkinib®and Imova.Gallimed is a network-based collaborative research project led by Guerbet in close collaboration with theCanadian company MDS Nordion and Cyceron, the French research centre for in vivo isotopic imaging.Gallimed’s goal is to develop new radioactive tracer for Positron Emission Tomography (PET) specificallytargeting a biological receptor overexpressed in many cancers and metastases, particularly in bone marrow,lung and liver tumours. Gallimed has received the Eurêka European label.IMAkinib® is focused on improving cancer treatment by developing new specific imaging radiotracers.Radiotracers are diagnostic molecules that can be marked by a radioactive fluoride (F18) to allow thecreation of an image using a scanner to follow the reaction of patients undergoing anti-tumour treatments.They also give a precise location of the tumour and any metastases. Guerbet is partnering withOncodesign, a Dijon-based oncology-focused biotech SME and project leader, along with ArianaPharmaceuticals, a Paris-based SME specialised in data mining and analysis solutions.IMAkinib® is co-financed by OSEO Innovation within the framework of the ISI programme for strategicindustrial innovation (Innovation Stratégique Industrielle) for promoting the emergence of European orglobal leaders.Imova is a project seeking to address unmet medical diagnostic needs for atherothrombosis imaging. Withits partners, Guerbet will develop and validate new molecular imaging products for atherothrombosis (MRIand nuclear medicine). A phase 0 clinical study may be launched at the end of this project. In addition toGuerbet, four other partners based in the greater Paris region are participating in the Imova project:DOSIsoft, a start-up specialised in software applications for the quantification analysis of medical images,the SIMOPRO unit of the French Atomic Energy and Alternative Energies Commission (CEA), the IMNCunit of the French National Center for Scientific Research (CNRS) and the INSERM U698 research unit forcardiovascular remodelling.Guerbet is also a participant in the FUI SpineInject project in partnership with Graftys and universityresearch teams which is developing phosphocalcic cements which can be used as an alternative to bonegrafts of biological origin in the spinal column. As Guerbet's first network-based research partnerships in thefield of interventional radiology, its goal is to create a cement containing a radio-opaque contrast agent tomonitor the correct implantation of the cement and its bioabsorption.17
Certain network-based research partnerships are subject to two types of financial provisions providing for:- Reimbursement of repayable advances in the event of success in the commercial phase of theproducts;- Payment of a percentage of revenue based on sales and/or operating income generated by theseprojects.In addition, Guerbet also participates in the 7 th Research and Development Framework Programme (RDFP)implemented by the European Commission. This is the NAD (Nanoparticles for the therapy and diagnosis ofAlzheimer's Disease) programme focusing on the development of nanoparticles targeting different forms ofbeta-amyloid aggregates and plaques for the diagnosis and prognosis of Alzheimer's disease.Guerbet is also a member of the worldwide competitive cluster, Medicen Paris Region, a group of keybiomedical innovators in the Ile-de-France region. This stimulating environment has resulted in the launchof collaborative projects.• Intellectual propertyIn the pharmaceutical sector, intellectual property represents a key strategic asset as it assures a role inoffsetting the development time and costs related to the innovation. The patent term is 20 years from thefiling date of the earliest application. In practice, the development time for products is such that the period ofpatent protection is often frequently considerably reduced. The expiry of a patent can result in theemergence of fierce competition associated with the arrival on the market of generic products (see genericrisks) In certain cases, the patent may be extended through a document providing for additional protectionrefer to in the US as a "Patent Term Extension". Products can also benefit from protection that may beoffered by other patents obtained over the course of their development such as manufacturing patents aswell in the course of product lifecycle management activities.Guerbet's patent portfolio concerns active ingredients, new pharmaceutical formulations, manufacturingprocesses, injection systems or medical devices.18
Page 3 and 4: CONTENTSCHIEF EXECUTIVE OFFICERS’
Page 5 and 6: CHIEF EXECUTIVE OFFICERS’ MESSAGE
Page 7 and 8: THE GUERBET GROUP1) History of the
Page 9 and 10: 3) Business overview3.1 Guerbet is
Page 11 and 12: 3.4 The pathologiesIn Oncology, the
Page 13: Guerbet's offering of products is c
Page 16 and 17: c) Research & development• R&D ob
Page 20 and 21: 5) Group organisation at 31 Decembe
Page 22 and 23: e) DistributionGuerbet distribute i
Page 24 and 25: DirectorsOther offices and director
Page 26 and 27: There exist no arrangements or unde
Page 28 and 29: Summary of compensation for Marie-C
Page 30 and 31: • Stock options granted to non-of
Page 32 and 33: I - 1Organisation of the work of th
Page 34 and 35: "Research and Innovation" Committee
Page 36 and 37: II - Internal control and risk mana
Page 38 and 39: 4) Statutory Auditors’ report pre
Page 40 and 41: SHAREHOLDER INFORMATION1) The Guerb
Page 42 and 43: As at 31 December 2010SHARESVOTING
Page 44 and 45: considered to have automatically re
Page 46 and 47: 10) Provisions of the Articles of A
Page 48 and 49: c) Earnings highlightsIFRS(in thous
Page 50 and 51: g) OutlookStrongly focused on the n
Page 52 and 53: 3) Risk factorsThe company conducte
Page 54 and 55: • Sourcing risksGuerbet has an ex
Page 56 and 57: • Information technology risksAn
Page 58 and 59: • Five-year summary of consolidat
Page 60 and 61: • Other information included in t
Page 62 and 63: • Recruitment and dismissalsGuerb
Page 64 and 65: and employee savings. The goal is s
Page 66 and 67: • Measures adopted to promote emp
Page 68 and 69:
) Pollution and waste managementThe
Page 70 and 71:
3) Societal informationa) Territori
Page 72 and 73:
• Consolidated income statementIn
Page 74 and 75:
In thousands of euros• Statement
Page 76 and 77:
Changes in standards and interpreta
Page 78 and 79:
g) Research and development expendi
Page 80 and 81:
Held to maturity investmentsHeld-to
Page 82 and 83:
creation are recorded under "Other
Page 84 and 85:
III) Notes to the financial stateme
Page 86 and 87:
Aged trial balance information for
Page 88 and 89:
2.2 - Borrowings by currencyCurrenc
Page 90 and 91:
3.3 - Analysis of the sensitivity o
Page 92 and 93:
Revenue2012European companiesfor th
Page 94 and 95:
In 2005, the Group acquired for ¥5
Page 96 and 97:
6.2 - Analysis of property, plant a
Page 98 and 99:
The change in the net value of inve
Page 100 and 101:
12.2 - Accrued employee benefitsa)
Page 102 and 103:
Change in net liabilities of the pe
Page 104 and 105:
14.4 - Personnel by region at year-
Page 106 and 107:
Note 22 - Research and development
Page 108 and 109:
Note 25 - Related parties25.1 - Rel
Page 110 and 111:
Note 27 - Basic earnings per share
Page 112 and 113:
2) Auditors’ report on the consol
Page 114 and 115:
3) Parent company financial stateme
Page 116 and 117:
• Income statementIn thousands of
Page 118 and 119:
• Statement of cash flowsIn milli
Page 120 and 121:
c) Property, plant and equipmentPro
Page 122 and 123:
Note 1 - Intangible assets1 - 1 - C
Page 124 and 125:
Note 6 - Receivables by maturityCos
Page 126 and 127:
Note 9 - Regulated provisionsInvest
Page 128 and 129:
Note 13 - Sales by region2012 2011F
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Tax income or expense recorded in t
Page 132 and 133:
Debt waiver agreements granted to a
Page 134 and 135:
Capital lease commitments relative
Page 136 and 137:
4) Auditors' report on the separate
Page 138 and 139:
5) Auditors' special report on rela
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ORDINARY AND EXTRAORDINARY GENERAL
Page 142 and 143:
RESOLUTION THREE (Special report of
Page 144 and 145:
Extraordinary resolutionsRESOLUTION
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3) Report of the Board of Directors
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Application of legal provisions gov
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• Tenth draft resolution: stock s
Page 152 and 153:
2) The Statutory Auditorsa) Statuto
Page 154 and 155:
6) Articles of association (selecte
Page 156 and 157:
7) 2013 shareholders calendarEventD
Page 158 and 159:
) Annual financial reportInformatio
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