SEATTLE, Nov. 14 /PRNewswire/ -- Immunex Corporation (Nasdaq: IMNX) today
announced that the underwriters for its recently priced public offering of
70 million shares of common stock have exercised in full an over-allotment
option, which was granted in connection with the offering, to purchase an
additional 10.5 million shares of Immunex's common stock from American Home
Products Corporation (NYSE: AHP). Total gross proceeds to Immunex and AHP
from the offering, including exercise of the over-allotment option, will be
approximately $3.2 billion, making the offering the largest biotechnology
stock offering to date. Immunex will not receive any of the proceeds from the
sale of the additional 10.5 million shares by AHP.
AHP's share of the gross proceeds totals approximately $2.4 billion from
its sale of 60.5 million shares of its existing holdings of Immunex common
stock. AHP's ownership of the outstanding shares of Immunex common stock will
now be reduced to approximately 41 percent.
Immunex's share of the gross proceeds totals approximately $795 million
from its offering of 20 million newly issued shares of its common stock.
Immunex expects to use its net proceeds from the offering 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.
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 the 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.
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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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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