CAMBRIDGE, Mass., April 17 /PRNewswire-FirstCall/--
Transkaryotic Therapies, Inc. (Nasdaq: TKTX) today announced that a purported
shareholder derivative lawsuit was filed in the Superior Court of Middlesex
County in Cambridge, Massachusetts against its Board of Directors. Many of
the allegations underlying the claims made in this lawsuit appear to be
somewhat similar to the allegations asserted in a previously described
purported class action lawsuit against the company.
The complaint alleges that the members of the Board of Directors breached
their fiduciary duties to the company, and seeks unspecified damages on behalf
of the company and injunctive relief. The Board of Directors intends to
contest the suit vigorously, and TKT believes that the directors have highly
meritorious defenses to the allegations set forth in the complaint.
About TKT
TKT is a biotechnology company developing and commercializing human
proteins for a broad range of diseases, with a major focus on rare genetic
diseases. TKT currently markets one product, Replagal (agalsidase alfa) for
the treatment of Fabry disease, in the European Union and certain other
countries. TKT is headquartered in Cambridge, Massachusetts and has a
majority-owned subsidiary in Sweden, TKT Europe-5S AB, which is responsible
for European sales and marketing activities for Replagal. Additional
information on TKT is available on the company's website at http://www.tktx.com.
This press release contains forward-looking statements, including
statements regarding TKT's defense of a purported shareholder derivative
lawsuit, and other statements containing the words "believes," "anticipates,"
"plans," "expects," "will" and similar expressions. These forward-looking
statements are based on the company's opinion and expectations as of the date
of this release and are subject to risks and uncertainties that could cause
actual results to differ materially. Important factors that could cause
results to differ include, but are not limited to, whether the company will be
able to successfully defend any lawsuit, including the shareholder derivative
lawsuit, and other factors set forth under the caption "Certain Factors That
May Affect Future Results" in the company's Annual Report on Form 10-K for the
year ended December 31, 2002 which is on file with the Securities and Exchange
Commission and are incorporated herein by reference. The company does not
undertake any obligation to update any forward-looking statements.
Replagal(TM) is a trademark of Transkaryotic Therapies, Inc.
Contact:
Justine E. Koenigsberg
Director, Corporate Communications
(617) 349-0271
SOURCE Transkaryotic Therapies, Inc.
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Related links:
http://www.tktx.com
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CONTACT:
Justine E. Koenigsberg, Director, Corporate
Communications of Transkaryotic Therapies, Inc., +1-617-349-0271
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