ARIAD Cancels Planned Debt Offering.CAMBRIDGE, Ma.--(BUSINESS WIRE)--Oct. 13, 1999-- ARIAD ARIAD Allison Research Index of Art and Design Pharmaceuticals, Inc. (Nasdaq: ARIA) today announced that, as a result of the letter of intent signed yesterday with Hoechst Marion Roussel, Inc., the pharmaceutical company of Hoechst AG Hoechst AG was a German life-sciences company that became Aventis after its merger with Rhône-Poulenc S.A. in 1999. It has been called "The pharmacy of the world" due to its important role in the world's drug market. , it has canceled a planned debt issue of $5 million of 10% secured debentures. Hoechst Marion Roussel intends to purchase ARIAD's 50% ownership interest in the Hoechst-ARIAD Genomics Center, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and advanced $5 million of the $40 million purchase price to ARIAD yesterday. Closing of the sale is expected before year-end 1999, pending execution of definitive agreements and other closing conditions. "The consummation of this transaction with HMR HMR Hazardous Materials Regulations HMR Human Resources HMR Home Meal Replacement HMR Hamrun (postal locality, Malta) HMR Hôpital Maisonneuve-Rosemont (Montréal, Canada) should provide ARIAD with more than two and one-half years of anticipated cash requirements without other financings. One of our next goals is a strategic partnership to further fund the development of our ARGENT ar·gent n. 1. Heraldry The metal silver, represented by the color white. 2. Archaic Silver or something resembling it. (a) product line," said Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. ARIAD Pharmaceuticals (www.ariad.com) is engaged in the discovery and development of novel therapeutics based on signal transduction Signal transduction The transmission of molecular signals from a cell's exterior to its interior. Molecular signals are transmitted between cells by the secretion of hormones and other chemical factors, which are then picked up by different cells. technology. ARIAD is developing small-molecule drugs to block intracellular signaling pathways that play a critical role in major diseases, including osteoporosis and various immune-related disorders. ARIAD is also developing ARGENT(a), a proprietary gene regulation technology for orally active protein therapy and cellular immunotherapy that utilizes small-molecule drugs to control intracellular signaling pathways in engineered cells. Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, which include, but are not limited to, risks and uncertainties regarding the successful completion of the sale of ARIAD's interest in the Genomics Center under the terms described above, if at all, as well as risks and uncertainties relating to economic conditions, markets, products, competition, intellectual property, services and prices, key employees, future capital needs, dependence on our collaborators and other factors under the heading "Cautionary Statement Regarding Forward-Looking Statements" in ARIAD's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1998 filed with the Securities and Exchange Commission. |
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