J. Rettenmaier Holdings to Acquire Penwest Pharmaceuticals Excipients Business

Josef Rettenmaier Holding GmbH & Co. KG, will acquire the excipient business of Penwest Pharmaceuticals (Nasdaq: PPCO) for $41.75 Million , consisting of $39.5 million in cash and $2.25 million in notes. KG ("Rettenmaier") is a global leader in the cellulosic and organic fiber products and manufacturing sector with a well-established excipients business.

Penwest branded ingredients, including Emcompress(R), Emcocel(R), Explotab(R)
and Prosolv(TM), are sold to pharmaceutical and nutritional companies worldwide.

Rettenmaier will take control of all related excipient facilities including the manufacturing facilities in Cedar Rapids, Iowa and Nastola, Finland, the corporate offices
of the excipient business in Patterson, New York, and the sales offices in

Penwest describes the excipients business as non-core, and with the acquisition, Rettenmaier features the broadest offering of tabletting ingredients as well as recognized brand strength.

This transaction is expected to close in the first quarter of 2003, and is pending Penwest shareholder and SEC approval.

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