SEATTLE and BERLIN, May 3 /PRNewswire-FirstCall/ --
Immunex Corporation (Nasdaq: IMNX) today announced that it has entered into a
definitive agreement to sell its LEUKINE(R) (sargramostim) business to
Schering AG Germany (NYSE: SHR; FSE: SCH). LEUKINE(R) is a colony-stimulating
factor marketed by Immunex. LEUKINE(R) acts by increasing the production of
infection-fighting white blood cells in patients undergoing certain
chemotherapy. Immunex is pursuing the sale of its LEUKINE(R) business in
connection with the pending acquisition of Immunex by
Amgen Inc. (Nasdaq: AMGN) based in Thousand Oaks, California.
"We are pleased that Schering AG Germany has committed to acquire
LEUKINE(R) for its oncology franchise," said Peggy Phillips, Immunex executive
vice president and chief operating officer. "This deal with Schering AG
Germany involves great opportunities for our people as well as a top product.
There is great interest in employing a number of Immunex employees who are
important to LEUKINE(R) clinical development, production, testing, marketing
and sales."
"LEUKINE(R) strongly complements our oncology product portfolio, expands
our biotechnology development portfolio and it advances our objective of
strengthening our U.S. business," said Dr. Hubertus Erlen, Chairman, Executive
Board, Schering AG Germany. "We look forward to continuing investment in the
marketing, research and manufacturing activities associated with LEUKINE(R).
Importantly, we see opportunities to build the brand as the markets in its
current indications grow, and as we pursue other possible new indications for
LEUKINE(R) such as Crohn's disease."
The purchase price of LEUKINE(R) in its present and future indications is
approximately $380 million in cash plus the payment of additional cash
consideration upon achievement of certain milestones. In 2001, U.S. sales of
LEUKINE(R) were $108 million. The closing of the sale of LEUKINE(R) is
subject to, among other things, approval of the Federal Trade Commission and
the closing of the Immunex acquisition by Amgen. The parties believe that the
transaction could close as early as June 2002.
Immunex Corporation is a leading biopharmaceutical company dedicated to
improving lives through immune system science innovations.
Schering AG is a research-based pharmaceutical company. Its activities are
focused on four business areas: Fertility Control & Hormone Therapy,
Diagnostics & Radiopharmaceuticals, Dermatology as well as Specialized
Therapeutics for disabling diseases in the fields of the central nervous
system, oncology and cardiovascular. As a global player with innovative
products Schering AG aims for leading positions in specialized markets
worldwide. With in-house R&D and supported by an excellent global network of
external partners, Schering AG is securing a promising product pipeline. Using
new ideas, Schering AG aims to make a recognized contribution to medical
progress and strives to improve the quality of life.
Note: Except for the historical information contained herein, this news
release contains forward-looking statements that involve substantial risks and
uncertainties. Among the factors that could cause actual results or timelines
to differ materially are risks associated with research and clinical
development, regulatory approvals, supply capabilities and reliance on third-
party manufacturers, product commercialization, competition, litigation and
(a) the other risk factors listed from time to time in reports filed by
Immunex with the Securities and Exchange Commission, including but not limited
to risks described under the caption "Important Factors That May Affect Our
Business, Our Results of Operation and Our Stock Price" within its most
recently filed Form 10-K and (b) the risks, uncertainties and factors
discussed in Schering's Form 20-F Registration Statement and other filings
with the SEC. The forward-looking statements contained in this news release
represent judgments of the management of Immunex and Schering as of the date
of this release. Neither Immunex nor Schering undertakes any obligation to
publicly update any forward-looking statements.
Where you can find Additional Information about the Amgen-Immunex
Transaction:
In connection with the proposed acquisition, Immunex and Amgen filed with
the SEC on March 22, 2002 their joint proxy statement/prospectus that contains
important information about the merger. Investors and security holders of
Immunex and Amgen are urged to read the joint proxy statement/prospectus filed
with the SEC on March 22, 2002, and any other relevant materials filed by
Immunex or Amgen because they contain, or will contain, important information
about Immunex, Amgen and the acquisition. The joint proxy
statement/prospectus, other relevant materials and any other documents filed,
or to be filed, by Immunex or Amgen with the SEC, may be obtained free of
charge at the SEC's web site at http://www.sec.gov. In addition, investors and
security holders may obtain free copies of the documents filed with the SEC by
Immunex by contacting Immunex Corporation, 51 University Street, Seattle, WA
98101, Attn: Investor Relations. Investors and security holders may obtain
free copies of the documents filed with the SEC by Amgen by directing a
request to: Amgen Inc., One Amgen Center Drive, Thousand Oaks, CA 91320, Attn:
Investor Relations. Investors and security holders are urged to read the joint
proxy statement/prospectus and any other relevant materials filed by Immunex
or Amgen before making any voting or investment decision with respect to the
Amgen-Immunex transaction. Immunex, Amgen and their respective executive
officers and directors may be deemed to be participants in the solicitation of
proxies from the stockholders of Immunex and Amgen in favor of the merger.
Information about the executive officers and directors of Immunex and their
ownership of Immunex common stock, and information about the executive
officers and directors of Amgen and their ownership of Amgen common stock is
set forth in the joint proxy statement/prospectus for Immunex's annual meeting
of shareholders and Amgen's annual meeting of stockholders, which has been
filed with the SEC. Investors and security holders may obtain more detailed
information regarding the direct and indirect interests of Immunex, Amgen and
their respective executive officers and directors in the merger by reading the
joint proxy statement/prospectus regarding the acquisition.
SOURCE Immunex Corporation
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Related links:
http://www.immunex.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/434644.html
CONTACT:
media, Jane Kramer, +1-973-487-2246, or
mobile, +1-973-418-4138, or investors, Joanne Marion,
+1-973-487-2216, both for Schering Berlin, Inc.; or media, Kris
Greco +1-206-470-4871, or investors, John Calhoun,
+1-206-389-4361, both for Immunex Corporation
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