Conversion of Note Consistent With Immunex Long-Term Growth Planning
SEATTLE, Nov. 2 /PRNewswire/ -- A $450 million 3% convertible subordinated
note due 2006 was converted by American Home Products Corporation (AHP)
(NYSE: AHP), Immunex Corporation (Nasdaq: IMNX) announced today.
"As anticipated, American Home Products has converted the $450 million
convertible subordinated note issued in May 1999," said Dave Mann, chief
financial officer and executive vice president at Immunex. "This is an
important step in the process, as we position Immunex for long-term growth and
continue to strengthen our resources and capital with the elimination of
$13.5 million in previously obligated annual interest payments on the note."
As noted in a Schedule 13D filing by AHP with the U.S. Securities and
Exchange Commission on November 1, 2000, AHP elected to convert the entire
principal amount of the $450 million note into 15,544,041 newly issued shares
of Immunex common stock. AHP remains a majority stockholder with a
54.7 percent ownership of Immunex common stock.
Immunex Corporation is a leading biopharmaceutical company dedicated to
improving lives through immune system science innovations.
AHP 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.
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. An
electronic version of this news release -- as well as additional information
about Immunex of interest to investors, customers, future employees and
patients -- is available on the Immunex home page at http://www.immunex.com.
SOURCE Immunex Corporation
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CONTACT:
media, Kris Greco, 206-470-4871, or
investors, Mark Leahy, 206-389-4363, both of Immunex Corporation
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