ARGENT BIOPHARMA LIMITED — M&A Activity 2007

Jun 26, 2007

health corporation limited

26 June 2007

DUE DILIGENCE UNDERWAY ON PROPOSED MERGER

The Directors of Health Corporation (ASX: HEA) announce that the company has signed a non-binding term sheet with regard to a potential merger with a complimentary business. The company is currently undertaking due diligence which is expected to be completed within four weeks.

A further announcement will be made once due diligence has been completed.

Ken Lee Managing Director Health Corporation Limited Tel: +61 2 9836 1116

Investor Relations & Media Enquires:

Rod North Executive Director Bourse Communications Ptv Ltd Tel: +61 3 9510 8309 Mob: +61 (0) 408 670 706

ABOUT HEALTH CORPORATION (HEA)

Health Corporation's innovative franchise system provides pharmacists with a robust model that will enhance the delivery of community health care, boost their business profitability and enable them to thrive in a deregulated, competitive environment.

Health Corporation's principal operating business, the Health Information Pharmacy (HIP) franchise, was established in 2002 to improve the health care of communities via the active use of a pharmacist's medical knowledge. The system enables pharmacists to deliver superior health care in their communities and to markedly improve the financial performance of their businesses.

The franchise system provides pharmacists with a comprehensive range of professional and business systems. The key professional system is Chemconsult® which is a pharmaceutical consulting software program that systemises a pharmacist medication consultation, thereby reducing potential medication problems.

For further information on Health Corporation, please visit www.hip.com.au