ARMSTRONG PHARMACEUTICALS INC. AND MEDEVA PLC COMPLETE MERGER
NEW YORK, Jan. 14 /PRNewswire/ -- Armstrong Pharmaceuticals, Inc. ("Armstrong") of New Canaan, Conn., and MEDEVA PLC ("Medeva"), of London, England announced today that they have consummated the merger of Armstrong with a wholly-owned subsidiary of Medeva, pursuant to which Armstrong has become an independent wholly-owned subsidiary of Medeva. "We are very excited about our future with Medeva," said H.R. Shephard, chairman of Armstrong. "We look forward to working with our new affiliates on a range of projects. Our management team is anxious to synergize with the Medeva group in the U.S. and Europe." Shephard will continue as chairman and CEO of Armstrong. Other key management of Armstrong will also continue to manage current operations. "We are delighted to have concluded this transaction," said Ian Gowrie-Smith the managing director of Medeva. "We believe that this acquisition provides exciting opportunities in the respiratory field, one of Medeva's core therapeutic categories, and fits well with our previous three U.S. acquisitions and particularly with Adams Laboratories, where the sales and marketing team are already focused on the respiratory market. this combination is going to provide some very useful synergies for the enlarged group." At a special meeting held today, the stockholders of Armstrong approved a merger agreement with Medeva. Under the merger agreement, all of the common stock and stock options of Armstrong have been cancelled and will be exchanged for ordinary shares and options of Medeva, at a rate of 1.072 Medeva ordinary shares for each share of Armstrong common stock. This is equivalent to a price for Armstrong shares of $3.43 per share. Medeva's ordinary shares are traded on the London Stock Exchange and on the American Stock Exchange in the form of American Depositary Shares ("ADSs"). Each Medeva ADS represents four Medeva ordinary shares. Medeva shares issued to Armstrong stockholders in the United States will be traded as ADSs on the American Stock Exchange. Armstrong (formerly NASDAQ: ATPH) is a leader in the manufacture of therapeutic products delivered through metered-dose inhaler ("MDI") technology.
The company specializes in the production of anti-asthma drug delivery systems and, through its subsidiaries, on research and development in the field of new and/or generic anti-asthma medications, the use of novel aerosolized medications to combat other diseases and alternate MDI propellant technology. At the close of business today, Armstrong's shares ceased trading on the NASDAQ National Market System.
Medeva (AMEX: MDV) is the largest manufacturer and supplier of human vaccines in the UK, including flu and travelers vaccines. Its portfolio of branded pharmaceutical products currently includes Micralax, Dexedrine, and Coracten. In the US, Medeva owns MD Pharmaceutical Inc. of Santa Ana, Calif., the leading manufacturer and distributor of unbranded methylphenidate, a drug used in the treatment of attention deficit disorder in children and narcolepsy in adults; Adams Laboratories, a brand-name respiratory product pharmaceutical manufacturer based in Fort Worth, Texas; and International Medication Systems, Ltd., a California-based pharmaceutical manufacturer with strong market positions in injectable products, delivery systems and pain management products. -0- 1/14/93 /CONTACT: Ian R. Gowrie-Smith, Managing Director of Medeva, 011-44-71-839-3888; or H.R. Shepherd, chairman of the board of Armstrong Pharmaceuticals, 203-966-4170/ (ATPH MDV)
CO: Armstrong Pharmaceuticals; Medeva PLC ST: Massachusetts IN: MTC SU: TNM
TM -- NE011 -- 4983 01/14/93 15:08 EST
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|Date:||Jan 14, 1993|
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