Immunex and American Home Products to Receive $2.7 Billion
SEATTLE, Nov. 10 /PRNewswire/ -- Immunex Corporation (Nasdaq: IMNX)
announced today the pricing of its public offering of 70 million shares of
common stock at $39.75 per share.
Of the 70 million shares offered, 20 million shares are newly issued
shares of common stock being offered by Immunex, and 50 million shares are
being offered by American Home Products Corporation (NYSE: AHP) from its
existing holdings of Immunex common stock. In addition, AHP has granted the
underwriters an option to purchase up to 10.5 million additional shares to
cover over-allotments, if any.
As a result of the offering, based on current outstanding shares, AHP's
ownership of Immunex common stock will be reduced to approximately 41 percent
if the underwriters' over-allotment option is exercised in full. If the
over-allotment option is not exercised, AHP's ownership of Immunex common
stock will be approximately 43 percent.
Immunex will use the net proceeds from the sale of its 20 million shares
primarily to expand its manufacturing capacity, and also intends to use a
portion of the net proceeds to design and construct its planned new research
and technology center in Seattle, Washington. Immunex also may use a portion
of the net proceeds to fund research, development and commercialization
activities for new products, and for new indications for existing products.
The proceeds may also be used for the possible acquisition of complementary
businesses, products and technologies, as well as for additional working
capital and for other general corporate purposes. Immunex will not receive
any proceeds from the sale of shares by AHP.
Morgan Stanley Dean Witter and Merrill Lynch & Co. are the 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
co-managers of the offering.
This press release 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 or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any state or jurisdiction. Copies of the final prospectus
relating to the offering may be obtained from the offices of 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.
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.
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, Kris Greco, 206-470-4871, or
investors, Mark Leahy, 206-389-4363, both of Immunex Corporation
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