Printer Friendly

CYANAMID AND IMMUNEX FORM NEW BIOPHARMACEUTICAL COMPANY; MERGER APPROVED BY IMMUNEX STOCKHOLDERS

 SEATTLE, June 1 /PRNewswire/ -- Immunex Corp. (NASDAQ-NMS: IMNX) and American Cyanamid Co. (NYSE: ACY) announced today that their agreement to merge Cyanamid's Lederle oncology business in the United States and Canada with Immunex to form a new biopharmaceutical company has been approved by Immunex stockholders and the merger is expected to be accomplished later today.
 Under the terms of the merger agreement, Cyanamid will also contribute $350 million in cash to the new company and will own 53.5 percent of the common stock of the new Immunex on a fully diluted basis. Immunex headquarters and management will remain in Seattle, and its stock will continue to trade on the NASDAQ National Market System under the symbol "IMNX."
 "This new biopharmaceutical company combines the biotechnology and immunology excellence of Immunex with Cyanamid's expertise in biology and chemistry to pursue the development of new therapeutic agents for cancer and immunologic-related disease treatment," stated Albert J. Costello, chairman and chief executive officer of American Cyanamid Co. "With nine anticancer products on the market immediately -- and a research pipeline that has the potential to make a substantial contribution to the treatment of cancer and immune diseases -- this new company offers excellent value for both Cyanamid stockholders and the stockholders of the new company."
 "We are pleased to bring this merger to fruition as we continue to develop and provide cost-effective therapies for patients with cancer and autoimmune diseases," said Immunex Chairman and Chief Executive Stephen A. Duzan. "We look forward to a successful collaboration with Cyanamid."
 The new Immunex board of directors includes Stephen A. Duzan, a co-founder of Immunex and its chief executive officer; Steven Gillis, Ph.D., a co-founder of Immunex and its executive vice president and director of Research and Development; Michael L. Kranda, president and chief operating officer of Immunex; Frank V. AtLee, president of Cyanamid; David R. Bethune, a group vice president of Cyanamid; and Harry M. Meyer Jr., M.D., president of Cyanamid's Medical Research Division.
 Three independent directors selected jointly by Immunex and Cyanamid include Kirby L. Cramer, chairman emeritus of Hazelton Laboratories Corp.; John E. Lyons, Ph.D., retired vice chairman of the board of Merck & Co.; and Edith W. Martin, Ph.D., vice president and chief information officer of the International Telecommunications Satellite Organization.
 Under terms of the merger, Immunex stockholders will receive one share of common stock of new Immunex and a cash payment for each share of current Immunex stock. The cash payment will equal $21, subject to possible downward adjustment according to a defined formula that is intended to ensure that the merger is treated for federal income tax purposes as a tax-free reorganization. The cash payment to stockholders will be determined by the mean of the high and low price of new Immunex stock on June 2, 1993.
 Immunex stockholders will receive a letter of transmittal from Chemical Trust Co. of California with instructions for receiving the merger consideration and for exchanging old Immunex certificates for certificates representing the shares of new Immunex stock.
 Immunex employs more than 700 people as of the merger date, including a research staff of more than 300 people. The sales force of approximately 110 professionals combines the current oncology sales forces of Immunex and Cyanamid's Lederle Laboratories Division.
 Cyanamid is a research-based life sciences and chemical company which develops medical, agricultural and chemical products and manufactures and markets them in more than 135 countries.
 Immunex is a biopharmaceutical company focused on the discovery, development, manufacture and marketing of products to treat cancer and autoimmune disease.
 -0- 6/1/93
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex, 206-587-0430; or Charlotte Cuff, 201-831-2172, or Edwina Sanders, 201-831-2206, both of American Cyanamid/
 (IMNX ACY)


CO: Immunex Corp.; American Cyanamid Co. ST: Washington IN: MTC SU: TNM

LM -- SE006 -- 3970 06/01/93 12:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1993
Words:639
Previous Article:JOSEPH H. RICKETTS JR. APPOINTED GENERAL MANAGER OF AMETEK
Next Article:CRI ACQUIRES $116 MILLION OF COMMERCIAL REAL ESTATE LOANS FROM DISSOLVING S&L, PREVENTS FEDERAL BAILOUT
Topics:


Related Articles
IMMUNEX ANNOUNCES BUY-BACK OF RECEPTECH; COMPANY WILL EXERCISE ITS PURCHASE OPTION FOR CASH
IMMUNEX/LEDERLE MERGER PROXY STATEMENT COMPLETED
IMMUNEX REPORTS SECOND QUARTER RESULTS
IMMUNEX REPORTS 1993 FOURTH QUARTER RESULTS
IMMUNEX COMMITTEE FORMED TO EVALUATE AHP OFFER; SHAREHOLDERS FILE LAWSUITS TO BLOCK DEAL
IMMUNEX SPECIAL COMMITTEE REJECTS AHP OFFER
Immunex and Medarex Announce Broad HuMAb-Mouse Licensing Agreement.
Immunex Corporation and Genentech, Inc. Join Forces to Develop TRAIL/Apo2L in Cancer.
Immunex and Genentech Moving Forward With Preclinical Development Program Of TRAIL/Apo2L.
Immunex Moves to Create One of the World's Most Advanced Cell Culture Manufacturing Centers.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters