SAN DIEGO, Feb. 15 /PRNewswire/ -- Spiros Development Corporation II, Inc.
(Spiros Corp. II) (Nasdaq: SDCO) today acknowledged receipt of an offer from
Dura Pharmaceuticals, Inc. (Dura) (Nasdaq: DURA), to acquire all of the
outstanding Callable Common Stock of Spiros Corp. II at a cash price of
$12.50 per share.
    Dura's offer is being evaluated by a Special Committee of the Board of
Directors that had previously been formed to study strategic alternatives
available to Spiros Corp. II.  The Special Committee consists of William H.
Rastetter, Ph. D. (Chairman), Sol Lizerbram, RPh., D.O. and Alain B.
Schreiber, M.D., none of whom are affiliated with Dura.  The Special Committee
has retained SG Cowen Securities Corporation as its financial advisor and has
hired independent legal advisors to assist the Special Committee in its
evaluation of Dura's offer.  The Special Committee and its advisors expect to
meet with Dura to discuss its proposal in the near future.
    Spiros Development Corporation II, Inc. is a public company formed
primarily for the continued development of Spiros(R), a proprietary pulmonary
drug delivery system, for selected respiratory medications.

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