SAN DIEGO, Aug. 31 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today announced completion of the acquisition of Spiros
Development Corporation II, Inc. (SDCII), effective as of August 31, 2000.
Pursuant to the merger agreement between the parties announced on March 20,
2000, for each share of SDCII callable common stock SDCII stockholders will
receive $13.25 in cash. The stockholders will also receive one five-year
warrant with a calculated value of $3.22 to purchase 0.19 shares of Dura
common stock exercisable at $17.94 per share. The total consideration to be
paid under the merger agreement will be approximately $106 million, or
$16.47 per share of SDCII callable common stock. The new Dura warrants will
be listed and traded on The Nasdaq Stock Market under the symbol DURAZ.
"The acquisition of SDCII will bring clarity to both Dura's operating
results and product pipeline," said Cam L. Garner, Dura's Chairman and Chief
Executive Officer. "We believe the acquisition of SDCII and our recently
announced refocused strategy will enhance Dura stockholder value for the long
term."
Dura Pharmaceuticals, Inc. is a San Diego based specialty pharmaceutical
company that markets and sells prescription products that treat infectious and
respiratory diseases. Dura focuses on products and transactions that leverage
its sales and marketing organization. Also, through the use of collaborative
relationships, Dura intends to develop the Spiros(R) motorized blisterdisk and
Spiros(R) S2 pulmonary drug delivery systems for the local and systemic
delivery of a wide range of medications.
Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
which involve risks and uncertainties, including Dura's ability to execute its
refocused strategy, risks associated with the successful development and
commercialization of the inhaled insulin product candidate and Dura's
Spiros(R) S2 technology, and other risks detailed from time to time in Dura's
filings with the Securities and Exchange Commission. Actual results may
differ materially from those projected, including future growth in product
sales and earnings. Any forward-looking statements represent Dura's judgment
as of the time and date of this release. Dura disclaims, however, any intent
or obligation to update any such forward-looking statements. Further
information about Dura Pharmaceuticals, Inc. can be found at http://www.durapharm.com
News releases from Dura Pharmaceuticals are available at no charge on
Dura's web site at http://www.durapharm.com and through PR Newswire's On-Call fax
service by calling (800) 758-5804, extension 197051.
SOURCE Dura Pharmaceuticals, Inc.
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Related links:
http://www.durapharm.com
Company News On-Call:
http://www.prnewswire.com/comp/197051.html or fax,
800-758-5804, ext. 197051
CONTACT:
Michael T. Borer, Senior Vice President and
Chief Financial Officer of Dura Pharmaceuticals, Inc.,
858-457-2553
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