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SYNERGEN COMPLETES BUYOUT OF R&D PARTNERSHIP

 BOULDER, Colo., Dec. 1 ~PRNewswire~ -- Synergen Inc. (NASDAQ: SYGN) announced today that it finalized the purchase of its first sponsored R&D partnership, Synergen Development Partners Ltd. (SDPL). The limited partners approved the purchase of the assets by a majority vote.
 Synergen has issued 255,750 shares of Synergen Common Stock plus warrants to purchase 209,250 shares of Common Stock in exchange for the assets of the partnership. Synergen has approximately 25.1 million shares of Common Stock outstanding, including the shares issued to purchase the assets of the partnership.
 The warrants will have an exercise price of $67.77 and will expire on June 30, 1997. With this acquisition, the partnership will be liquidated and Synergen will own exclusive rights to the products previously owned by the partnership including SLPI, an elastase inhibitor.
 The company will account for the transaction in the fourth quarter of 1992. The products acquired by Synergen are in the research and development phase and accounting rules require that the company reflect the cost of acquiring in-process R&D as an expense on its income statement. As a result of the acquisition, Synergen will have a one- time, non-cash expense of $18.1 million or 72 cents per share, based on the Nov. 30, 1992 closing price of Synergen common stock of $55.25 per share.
 "Using Common Stock and warrants instead of cash to finance the acquisition will preserve cash for Synergen's future requirements," explained Kenneth J. Collins, vice president of finance and administration.
 Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein-based pharmaceuticals. The company's research is targeted toward products for inflammatory diseases, tissue repair and neurological diseases. The company is headquartered in Boulder, with manufacturing operations in Boulder and Delaware, and European business operations in The Hague.
 -0- 12~1~92
 ~CONTACT: Paul Laland (Media), 303-541-1325; or Debra Bannister (Financial), 303-938-6242, both of Synergen~
 (SYGN)


CO: Synergen Inc.; Synergen Development Partners Ltd. ST: Colorado IN: MTC SU:

BB -- DV002 -- 2234 12~01~92 08:01 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:340
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