SEATTLE, Aug. 9 /PRNewswire/ -- Immunex Corporation (Nasdaq: IMNX)
announced today that it has filed a Form S-3 shelf registration statement with
the Securities and Exchange Commission for the sale of up to 70 million shares
of Immunex common stock.
Once registered, these shares will be available for sale when Immunex and
American Home Products Corporation (NYSE: AHP) believe that market conditions
are favorable.
Immunex and AHP are currently seeking to sell shares as early as this Fall
in an underwritten offering for which Morgan Stanley Dean Witter will serve as
book-running joint lead manager and Merrill Lynch & Co. will serve as joint
lead manager. Subject to market conditions, an offering would be expected to
consist of up to 20 million shares to be sold by Immunex and up to 50 million
shares to be sold by AHP from its current holdings of 283.9 million shares of
Immunex common stock. The terms of any sale of shares would be determined at
the time of the offering based on the market price at that time and will be
stated in a prospectus supplement and announced at the time shares are issued.
AHP has agreed with Immunex that AHP will not sell additional shares from the
date of its sale of Immunex stock in a public offering until the later of
September 30, 2001 or nine months from the date of such sale.
Immunex intends to use the net proceeds from the sale of its common stock
to expand manufacturing facilities, to design and construct a new research and
technology center, to fund research and development and commercialization
activities for new products, for additional working capital and for other
general corporate purposes, as well as the possible acquisition of
complementary businesses and technologies.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold, nor may offers to buy be accepted, prior to
the time the registration statement becomes effective. This announcement
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful, prior to registration of
qualification under the securities laws of any such state.
Immunex Corporation is a biopharmaceutical company dedicated to improving
lives through immune system science innovations.
American Home Products Corporation owns a majority interest in Immunex.
AHP is one of the world's largest research-based pharmaceutical and health
care products companies. It is a leader in the discovery, development,
manufacturing and marketing of prescription drugs, including biotechnological
and vaccine products, animal health care products and over-the-counter
medications.
This news release contains forward-looking statements that involve risks
and uncertainties, including risks associated with clinical development,
regulatory approvals, our reliance on third-party manufacturers, product
commercialization and other risks described from time to time in the SEC
reports filed by Immunex, including the most recently filed Form 10-Q and Form
10-K.
SOURCE Immunex Corporation
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Related links:
http://www.immunex.com
Company News On-Call:
http://www.prnewswire.com/comp/434644.html or fax,
800-758-5804, ext. 434644
CONTACT:
media, Tim Warner, 206-470-4193, or
investors, Mark Leahy, 206-389-4363, both of Immunex Corporation
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