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ENZON COMPLETES GENEX ACQUISITION A SIGNIFICANT MOVE TOWARD PROTEIN DRUG DEVELOPMENT

                 ENZON COMPLETES GENEX ACQUISITION
         A SIGNIFICANT MOVE TOWARD PROTEIN DRUG DEVELOPMENT
    SOUTH PLAINFIELD, N.J., Nov. 1 /PRNewswire/ -- Enzon, Inc. (NASDAQ-NMS: ENZN) announced today it has completed the acquisition of Genex Corporation (NASDAQ: GNEX), a Maryland-based biotechnology company specializing in genetic-engineering of proteins.
    The acquisition was approved by Genex stockholders at a special meeting held yesterday in Gaithersburg, Md.  Enzon will acquire all outstanding shares of Genex stock for approximately 701,000 shares of Enzon common stock, and 583,000 three-year warrants to purchase Enzon common stock at an exercise price of $18 per share.  Robertson Stephens & Co. acted as investment bankers to Enzon in connection with the acquisition.
    Genex brings to Enzon a broad range of genetic engineering disciplines, including x-ray crystallography for custom proteins, protein chemistry, genetic manipulation and full-scale fermentation capabilities.
    "With Genex, Enzon's capabilities now range from protein design through regulatory approval, significantly advancing the company's strategic objective to become self-sufficient in protein drug development," stated Dr. Abraham Abuchowski, Enzon's president and CEO.
    Enzon is a biopharmaceutical company developing improved therapies for life threatening diseases through the application of its proprietary technology, PEGNOLOGY, to enhance the delivery of protein-based drugs. The company's activities involve the development of these therapies through internal drug development as well as worldwide collaborative arrangements.
    -0-           11/1/91
    /CONTACT:  Donna Chappina of Enzon, 908-668-1800/
    (ENZN GNEX) CO:  Enzon, Inc.; Genex Corporation ST:  New Jersey, Maryland IN:  MTC SU:  TNM JT -- NY030 -- 0163 11/01/91 11:05 EST
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Publication:PR Newswire
Date:Nov 1, 1991
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