SYNERGEN REVISES PARTNERSHIP OFFER
SYNERGEN REVISES PARTNERSHIP OFFER BOULDER, Colo., Nov. 7 /PRNewswire/ -- Synergen Inc.
(NASDAQ: SYGN) today announced that it had revised its previously announced offer to purchase the assets of its first R&D partnership, Synergen Development Partners Limited.
Synergen would purchase the assets of the partnership for a minimum of 255,750 shares of Synergen Common Stock plus warrants to purchase 209,250 shares of Common Stock. After the acquisition, the partnership will be liquidated. In the liquidation, each limited partner will receive, for each unit owned, a minimum of 275 shares of Common Stock and warrants to purchase 225 shares of Common Stock. This new offer provides the limited partners with an increased number of shares of Common Stock and the number of warrants have not been reduced, even after an adjustment for the 3 for 2 stock split in October. The units were initally sold in blocks of four units. Approval by a majority of partnership units will be required. The transaction is expected to be accounted for in the first quarter of 1992. The company will reflect the acquisition as a purchase of net assets, which will appear as a one-time, non-cash expense. The actual amount of the expense will be based on the price of Synergen Common Stock prior to the closing. Synergen is a biopharmaceutical company engaged in the discovery, development and manufacture of protein-based pharmaceuticals. -0- 11/7/91 /NOTE: A registration statement relating to the Common Stock and warrants to be issued in the transaction has been filed with the Securities and Exchange Commission but has not yet become effective. The Common Stock and warrants may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. /CONTACT: Debra Catz Bannister of Synergen, 303-938-6242/ (SYGN) CO: Synergen Inc. ST: Colorado IN: MTC SU: SG -- DV005 -- 2246 11/07/91 12:59 EST
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|Date:||Nov 7, 1991|
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