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.
/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