FREMONT, Calif., June 3 /PRNewswire/ -- The Board of Directors of Abgenix,
Inc. (Nasdaq: ABGX) announced today that it has adopted a Stockholder Rights
Plan ("Rights Plan") that will entitle stockholders of the Company to purchase
shares of Abgenix Common Stock at a discounted price in the event that any
person or group acquires 15% or more of the Company's outstanding Common Stock
(with exception for Cell Genesys, Inc., which currently owns more than 15% of
the Company's outstanding Common Stock).
"The adoption of the Rights Plan is part of an ongoing effort by the Board
of Directors of Abgenix to protect and maximize the value of the
stockholders' investment in the Company," stated R. Scott Greer, president and
chief executive officer of Abgenix. "The Rights Plan is designed to help
Abgenix stockholders receive fair and equal treatment in the event of any
proposed takeover of the Company and to guard against partial tender offers
and other abusive tactics to gain control of Abgenix without paying all
stockholders the fair value of their shares."
Further details of the Rights Plan are contained in a letter that will be
mailed to all stockholders of Abgenix.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapeutic products for the treatment of a variety of
disease conditions, including transplant-related diseases, inflammatory and
autoimmune disorders, cardiovascular disease and cancer. Abgenix has
developed XenoMouse technology, which it believes enables quick generation of
high affinity, fully human antibody product candidates to essentially any
disease target appropriate for antibody therapy. Abgenix has collaborative
arrangements with multiple pharmaceutical and biotechnology companies
involving its XenoMouse technology. In addition, Abgenix has four proprietary
antibody product candidates that are under development internally, two of
which are in human clinical trials.
Statements made in this press release about the Rights Plan, Abgenix's
XenoMouse technology, product development activities and collaborative
arrangements other than statements of historical fact, are forward looking
statements and are subject to a number of uncertainties that could cause
actual results to differ materially from the statements made, including risks
associated with the success of clinical trials, the progress of research and
product development programs, the regulatory approval process, competitive
products, future capital requirements and the extent and breadth of Abgenix's
patent portfolio. Please see Abgenix's public filings with the Securities and
Exchange Commission for information about risks which may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
investors, Stephanie Seiler, Ph.D., or media,
Amy Flood, 415-677-4455 ext. 211, both of Noonan/Russo
Communications, 212-696-4455, ext. 212, for Abgenix; or Kurt
Leutzinger, Vice President and Chief Financial Officer of
Abgenix, 510-608-6575
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