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Title: |
Purchase Agreement |
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Entities: |
American Home Products Corp.; Catalytica Pharmaceuticals, Inc.; Immunex Corp.; Wyeth; AHP Subsidiary Holding Corporation |
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Date: |
2001 |
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Size: |
Preview shows 14KB of 151KB total |
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Price: |
$68 |
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ID: |
#284821 |
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PURCHASE AGREEMENT
among
AMERICAN HOME PRODUCTS CORPORATION
AHP SUBSIDIARY HOLDING CORPORATION
and
IMMUNEX CORPORATION
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I. DEFINITIONS........................................................1
ARTICLE II. THE SALE; PURCHASE PRICE..........................................8
2.1. PURCHASE AND SALE...................................8
2.2. NET ASSETS AND OTHER PAYMENTS.......................8
2.3 TRANSFER TAXES.....................................10
2.4 ADDITIONAL COSTS...................................11
ARTICLE III. CLOSING.........................................................11
3.1. THE CLOSING........................................11
3.2. DELIVERIES BY BUYER................................11
3.3. DELIVERIES BY SELLERS..............................12
3.4. FURTHER ASSURANCES.................................12
ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF SELLERS........................13
4.1 ORGANIZATION.......................................13
4.2 CAPITALIZATION OF GREENWICH........................13
4.3 CORPORATE AUTHORITY................................13
4.4 NO VIOLATION.......................................14
4.5 LITIGATION.........................................14
4.6 FINANCIAL STATEMENTS; ABSENCE OF CERTAIN
CHANGES OR EVENTS..................................14
4.7 TITLE TO PROPERTIES; ABSENCE OF LIENS..............15
4.8 CONDITION OF PHYSICAL ASSETS; INTELLECTUAL
PROPERTY...........................................17
4.9 EMPLOYEE MATTERS...................................17
4.10 COMPLIANCE WITH LAW................................18
4.11 CONTRACTS AND COMMITMENTS. (a).....................18
4.12 BROKERS AND INTERMEDIARIES.........................19
4.13 LICENSES AND PERMITS...............................19
4.14 ENVIRONMENTAL MATTERS..............................19
4.15 TAXES..............................................20
4.16 DISCLAIMER.........................................21
4.17 DISCLOSURE IN SCHEDULES............................21
(i)
{PAGE}
ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER............................21
5.1 ORGANIZATION.......................................21
5.2 CORPORATE AUTHORITY................................21
5.3 NO VIOLATION.......................................21
5.4 FINANCIAL ABILITY TO PERFORM.......................22
5.5 BROKERS AND INTERMEDIARIES.........................22
ARTICLE VI CONDUCT OF BUSINESS PENDING THE CLOSING...........................23
6.1. OPERATION OF FACILITY PRIOR TO THE CLOSING DATE....23
6.2. PERMITTED ACTIONS..................................24
6.3 ACCOUNTING RECORDS.................................26
ARTICLE VII ADDITIONAL AGREEMENTS............................................27
7.1 ANCILLARY AGREEMENTS...............................27
7.2 ACCESS TO INFORMATION AND CONFIDENTIALITY..........27
7.3 REGULATORY FILINGS.................................28
7.4 COMMERCIALLY REASONABLE EFFORTS....................29
7.5 NOTICES OF CERTAIN EVENTS..........................29
7.6 START-UP AND OPERATION OF THE FACILITY.............29
7.7 CAPITAL IMPROVEMENT CONTRACTS......................30
7.8 BUYER PERSONNEL COSTS..............................30
7.9 STAFFING...........................................30
7.10 FACILITY USE.......................................30
7.11 TRANSFER OF SELLER EMPLOYEES.......................31
7.12 ASSIGNMENT OF BUYER EMPLOYEES......................31
7.13 TRANSFER OF PERMITS; CONTRACTS ....................32
7.14 TAX MATTERS........................................32
ARTICLE VIII AGREEMENTS WITH RESPECT TO EMPLOYEES AND EMPLOYEE MATTERS.......35
8.1 BUYER'S OBLIGATIONS TO EMPLOYEES...................35
ARTICLE IX. CONDITIONS.......................................................38
9.1. CONDITIONS TO OBLIGATION OF EACH PARTY TO
EFFECT THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT..........................................38
9.2. CONDITIONS TO THE OBLIGATION OF SELLERS............39
9.3. CONDITIONS TO THE OBLIGATION OF BUYER..............39
ARTICLE X. TERMINATION, AMENDMENT AND WAIVER.................................40
10.1 TERMINATION........................................40
(ii)
{PAGE}
10.2 EFFECT OF TERMINATION..............................40
ARTICLE XI. INDEMNIFICATION..................................................41
11.1 INDEMNIFICATION BY SELLER..........................41
11.2 INDEMNIFICATION BY BUYER...........................42
11.3 CERTAIN LIMITATIONS................................42
ARTICLE XII. GENERAL PROVISIONS..............................................43
12.1 SURVIVAL OF REPRESENTATIONS AND WARRANTIES.........43
12.2 COOPERATION........................................44
12.3 WAIVER.............................................44
12.4 NOTICES............................................44
12.5 GOVERNING LAW AND CONSENT TO JURISDICTION..........44
12.6 COUNTERPARTS.......................................45
12.7 HEADINGS...........................................45
12.8 ENTIRE AGREEMENT...................................45
12.9 AMENDMENT AND MODIFICATION.........................45
12.10 BINDING EFFECT; BENEFITS...........................45
12.11 ASSIGNABILITY......................................45
12.12 SELLERS' KNOWLEDGE.................................46
12.13 SEVERABILITY.......................................46
(iii)
{PAGE}
PURCHASE AGREEMENT
This PURCHASE AGREEMENT dated as of November 6, 2001 (the
"Agreement") by and among AMERICAN HOME PRODUCTS CORPORATION, a Delaware
corporation ("AHP"), AHP SUBSIDIARY HOLDING CORPORATION, a Delaware corporation
("Holdings", and together with AHP, the "Sellers") and IMMUNEX CORPORATION, a
Washington corporation ("Buyer").
W I T N E S S E T H:
WHEREAS, Sellers desire to sell to Buyer and Buyer desires to
acquire from Holdings one thousand (1,000) shares (the "Shares") of common
stock, no par value per share, of GREENWICH HOLDINGS INC., a Delaware
corporation ("Greenwich"), which shares constitute all of the issued and
outstanding shares of capital stock of Greenwich, all on the terms and subject
to the conditions set forth herein; and
WHEREAS, in connection with such sale Buyer shall pay to Holdings
certain costs incurred by Sellers related to readying the Facility (as defined
below) for approval by the Food and Drug Administration (the "FDA") and EMEA (as
defined below); and
WHEREAS, this Agreement shall govern the parties' management of the
Facility from the date first written above to the Closing Date (as defined
below);
NOW, THEREFORE, in consideration of the foregoing premises and the
representations, warranties, covenants and agreements herein contained, the
parties hereto, intending to be legally bound, agree as follows:
ARTICLE I.
DEFINITIONS
Whenever used in this Agreement, unless otherwise clearly indicated
by the context, the terms defined below shall have the indicated meanings:
1.1 "Accountants" shall have the meaning set forth in Section 2.2(e)
hereof.
1.2 "Affiliate" shall mean, with respect to any Person, any Person which
directly or indirectly through stock ownership or through other arrangements
either controls, or is controlled by or is under common control with, such
Person, provided, however, for purposes of this Agreement the term "Affiliate"
shall not include subsidiaries or other entities in which a Person owns a
majority of the ordinary voting power to elect the majority of the board of
directors or other governing board but is restricted from electing such majority
by contract or otherwise, until such time as such restrictions are no longer in
effect. For purposes of this Agreement, Buyer
1
{PAGE}
shall not be deemed to be an Affiliate of Greenwich or either Seller, and AHP,
Greenwich and Holdings shall not be deemed to be Affiliates of Buyer.
1.3 "Applicable Laws" shall mean all laws, statutes, regulations,
interpretations, publicly available policies which are published by a
Governmental Authority, decrees, injunctions, judgments, orders, rulings,
assessments, writs, directives, rules, codes of conduct and ordinances of any
Governmental Authority.
1.4 "Applicable Permits" shall mean any waiver, exemption, variance,
permit, certificate of occupancy, authorization, membership, approval, consent,
clearance, franchise, orders, license or similar approval or notification
required to be obtained, maintained or made under Applicable Laws in connection
with the Facility or the Assets or necessary to the operation of the Facility as
presently conducted.
1.5 "Assets" shall mean collectively, all of the assets (both tangible and
intangible), rights, interests, privileges, appurtenances, easements,
reservations, estates, awards and properties of any kind, nature and description
owned by Greenwich, including, without limitation:
(i) the Real Property, including the Facility;
(ii) Personal Property;
(iii) Transferred Books and Records;
(iv) Applicable Permits;
(v) all Contracts, including without limitation the EDC Ground Lease
and the Phase B Ground Lease; and
(vi) all of Sellers' or Greenwich's rights, claims, causes of action
or rights of set-off against third parties relating to the foregoing,
including, without limitation, unliquidated rights under manufacturers'
and vendors' warranties.
1.6 "Buyer Indemnified Claims" shall have the meaning set forth in Section
11.1 hereof.
1.7 "Buyer Indemnitees" shall have the meaning set forth in Section 11.1
hereof.
1.8 "Buyer Losses" shall have the meaning set forth in Section 11.1
hereof.
1.9 "Catalytica Facility" shall have the meaning set forth in Section 1.8
of the Supply Agreement among AHP, Buyer and Catalytica Pharmaceuticals, Inc.
effective as of October 16, 2000.
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