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AHP and Immunex Take Actions To Support Continued Growth of Immunex

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Title:

AHP and Immunex Take Actions To Support Continued Growth of Immunex

Entities:

Immunex Corp.; American Home Products Corporation

Date:

2000

Size:

5KB total

Price:

$31

ID:

#284844

► Miscellany ► News ► Press Releases ► 2000 Press Releases
► Biotech & Drugs ► Biological Products

Start of Preview

[LOGO OF AMERICAN HOME PRODUCTS]                               [LOGO OF IMMUNEX]



FOR IMMEDIATE RELEASE

American Home Products Corporation                           Immunex Corporation

Media Contact:                                               Media Contact:

Lowell Weiner                                                Tim Warner

(973) 660-5013                                               (206) 470-4193



Investor Contact:                                            Investor Contact:

Thomas Cavanagh                                              Mark Leahy

(973) 660-5706                                               (206) 389-4363



                         AHP AND IMMUNEX TAKE ACTIONS

                    TO SUPPORT CONTINUED GROWTH OF IMMUNEX



     Madison, N.J. and Seattle, WA, August 9, 2000 - American Home Products

Corporation (NYSE:AHP) and Immunex Corporation (NASDAQ:IMNX) today announced a

number of actions that have been taken by the two companies.  These actions will

support Immunex in executing its long-term growth strategy and are intended to

enable AHP to monetize a portion of its highly successful investment in the

biotech company while continuing to be a major participant in the future

development and growth of Immunex.

{PAGE}



                                    - more -



                                     - 2 -



     Immunex today has filed a shelf registration statement that would allow

Immunex to sell up to 20 million shares of newly-issued Immunex common stock in

a primary offering and AHP to sell up to 50 million shares of Immunex common

stock in a secondary offering, market conditions permitting.



     The combined effect of the equity offering, if and when executed, is

expected to reduce AHP's ownership stake in Immunex from approximately 55% to

approximately 43%. If AHP's ownership falls below 45%, AHP will retain two of

its three seats on the Immunex board and AHP and Immunex have agreed in such

event to increase the number of independent directors from three to four.

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