Preview | AHP and Immunex Take Actions To Support Continued Growth of Immunex

Document Preview

AHP and Immunex Take Actions To Support Continued Growth of Immunex

Click "Add to Cart" button to purchase document.
Documents are emailed immediately after purchase.
You can also browse documents by title, category, or company... or click here for help finding documents.

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:

$30

ID:

#284845

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

Start of Preview

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.



                                    - 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.



     Key  elements  of the new  business  arrangements  between  AHP and Immunex

End of Preview

Home Intelligence Services Subscriptions News About Us