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GENETICS INSTITUTE ANNOUNCES PROCEDURES FOR GUARANTEED DELIVERY OF SHARES WITH REDEMPTION OF CONVERTIBLE EXCHANGEABLE PREFERRED STOCK

 CAMBRIDGE, Mass., July 9 /PRNewswire/ -- As previously announced on June 9, Genetics Institute, Inc. (NASDAQ: GENIZ) has called for redemption of all outstanding shares of its $4.00 Convertible Exchangeable Preferred Stock. The redemption date is July 15, 1993, and the redemption price is $52.40 cash per share.
 As an alternative to redemption, holders of Preferred Stock have the right, until 5 p.m. Boston time on July 15, 1993, to convert shares of Preferred Stock into a combination of cash and Depositary Shares, each Depositary Share representing one share of the company's Common Stock subject to a call option held by a subsidiary of American Home Products Corporation. Based on the last reported sale price of the Depositary Shares on the NASDAQ National Market System, on July 8, the market value of the Depositary Shares issuable upon conversion of the Preferred Stock, together with the cash payable, would be $57.07 per share. In order to effect such a conversion, a duly completed Letter of Transmittal indicating such holder's election to convert his or her shares must be received by the Company's agent, The First National Bank of Boston, at one of the addresses indicated in the Letter of Transmittal prior to 5 p.m. Boston time on July 15.
 If a holder of Preferred Stock electing to convert is unable to surrender his or her shares of Preferred Stock prior to July 15, such holder will have five business days immediately following July 15 to surrender his or her shares of Preferred Stock, provided that an appropriate notice of guaranteed delivery indicating such holder's election to convert is received by The First National Bank of Boston by 5 p.m. on July 15. If the shares of Preferred Stock and a duly completed Letter of Transmittal are not received by the agent by 5 p.m. Boston time on July 22, 1993, such shares of Preferred Stock will be deemed to be redeemed, notwithstanding any prior indication of an election to convert such shares contained in the Letter of Transmittal.
 Letters of Transmittal were mailed by the company on June 11, 1993 to all holders of Preferred Stock along with a Notice of Redemption and Termination of Conversion Right and a Prospectus relating to the Depositary Shares issuable upon conversion of the Preferred Stock. Additional copies of the Letter of Transmittal can be obtained from The First National Bank of Boston.
 Genetics Institute is a leading biopharmaceutical firm engaged in the discovery and development of human pharmaceuticals through recombinant DNA and other technologies. The company has a diversified portfolio of licensed and proprietary products at various stages of development, including treatments for anemia, hemophilia, cancer, bone damage, heart disease, inflammatory conditions, and immune system disorders.
 American Home Products Corporation (NYSE: AHP) holds a majority interest in Genetics Institute. AHP is a world leader in the marketing and manufacturing of prescription drugs, medical supplies, diagnostics, over-the-counter medicines and food products.
 -0- 7/9/93
 /CONTACT: Dennis Harp or Gina Brazier of Genetics Institute, Inc., 617-876-1170/
 (GENIZ AHP)


CO: Genetics Institute, Inc. ST: Massachusetts IN: MTC SU: FNC

DJ -- NE001 -- 9790 07/09/93 08:40 EDT
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Date:Jul 9, 1993
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