SEATTLE, Oct. 18 /PRNewswire/ -- Immunex Corporation (Nasdaq: IMNX)
announced today the commencement of an equity offering of 60 million shares
of its common stock, under the shelf registration statement previously filed.
Immunex will offer 20 million newly-issued shares of common stock in the
offering, while American Home Products Corporation (NYSE: AHP) will offer
40 million shares from its existing holdings of Immunex common stock. In
addition, American Home Products has granted the underwriters an option to
purchase up to 9 million shares to cover over-allotments, if any. Morgan
Stanley Dean Witter and Merrill Lynch & Co. will act as joint lead managers
for the offering. Credit Suisse First Boston, Lehman Brothers, Banc of
America Securities LLC, Bear, Stearns & Co. Inc. and Robertson Stephens are
acting as co-managers of the offering.
Immunex will use the proceeds from the sale of its 20 million shares
primarily to expand its manufacturing capacity. The company plans to acquire
and expand a large-scale biotech manufacturing facility in Rhode Island
currently owned by American Home Products and now being retrofitted to produce
ENBREL(R) (etanercept). Immunex may also build additional manufacturing
capacity at Rhode Island or other locations to help meet the manufacturing
requirements for ENBREL and its other products under development and to
improve its ability to attract collaborative partners with products under
development.
Immunex also intends to use a portion of the net proceeds for its planned
new research and technology center in Seattle, Washington.
Finally, Immunex may use a portion of the net proceeds to fund research
and development and commercialization activities for new products and new
indications for existing products, for additional working capital and for
other general purposes, as well as for the possible acquisition of
complementary businesses, products and technologies. Immunex will not receive
any proceeds from the sale of shares by American Home Products.
A shelf registration statement relating to these securities was filed on
August 9, 2000 with the Securities and Exchange Commission (SEC) and has been
declared effective. The offering will be made by means of a prospectus
supplement which will be filed with the SEC. This press release shall not
constitute an offer to sell nor the solicitation of an offer to buy nor shall
there be any sale of securities of Immunex in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state.
A copy of the prospectus and prospectus supplement related to this
offering can be obtained by contacting Morgan Stanley Dean Witter, c/o
Prospectus Department, 1585 Broadway, New York, New York, 10036.
Immunex Corporation is a biopharmaceutical company dedicated to improving
lives through immune system science innovations.
American Home Products Corporation currently owns a majority interest in
Immunex. American Home Products 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.
NOTE: 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.
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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