Placing of shares

Allergy Therapeutics PLC
16 March 2005


                    Allergy Therapeutics plc (the "Company")

                             Change in shareholding


Allergy Therapeutics, the specialty pharmaceuticals company focused on allergy
vaccines, has today (Wednesday) received notification from ING Bank NV ("ING")
and Elan International Services Limited ("Elan") that they no longer have an
interest in the Company's share capital.

As set out in the Company's Admission Document dated 6 October 2004, both ING
and Elan had undertaken not to dispose of their holdings in the Company until 11
October 2005. The Company and KBC Peel Hunt agreed to release ING and Elan from
this undertaking and KBC Peel Hunt have placed with institutional investors ING
and Elan's combined holding of 13,142,001 ordinary shares, and a further 920,000
ordinary shares released from certain other shareholder undertakings,
representing in aggregate 22.34 per cent. of the issued share capital.

Keith Carter, Chief Executive of Allergy Therapeutics, said:

"ING and Elan have been very supportive shareholders, but their exit enables us
to welcome new institutional shareholders to Allergy to participate in the next
phase of our growth as a public company."

16 March 2005




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