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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
AVANT Immunotherapeutics, Inc.; Pfizer, Inc.; U.S. Bank Trust, NA; Armstrong Teasdale; Goodwin Procter LLP; AVANT Acquisition Corp.; Megan Health, Inc. |
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Date: |
2000 |
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Size: |
Preview shows 18KB of 209KB total |
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Price: |
$56 |
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ID: |
#287116 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
by and among
AVANT IMMUNOTHERAPEUTICS, INC.,
AVANT ACQUISITION CORP.
and
MEGAN HEALTH, INC.
Dated as of November 20, 2000
{PAGE}
TABLE OF CONTENTS
PAGE
ARTICLE 1. THE MERGER........................................................2
1.1 The Merger........................................................2
1.2 The Closing.......................................................2
1.3 Effective Time....................................................2
1.4 Ancillary Agreements..............................................2
1.5 Actions at the Closing............................................2
1.6 Stockholders' Representative......................................3
ARTICLE 2. CERTIFICATE OF INCORPORATION AND BYLAWS
OF THE SURVIVING CORPORATION....................................6
2.1 Charter...........................................................6
2.2 Bylaws............................................................6
ARTICLE 3. DIRECTORS AND OFFICERS OF THE SURVIVING CORPORATION...............6
3.1 Directors of Surviving Corporation................................6
3.2 Officers of Surviving Corporation.................................6
ARTICLE 4. CONVERSION OF STOCK...............................................6
4.1 Outstanding Common Stock of Acquisition Sub.......................6
4.2 Conversion of Megan Securities....................................6
4.3 Exchange of Certificates Representing Megan Common
Stock and Megan Preferred Stock.................................9
4.4 Return of Exchange Fund..........................................11
4.5 Lost or Stolen Certificates......................................11
4.6 Escrow...........................................................11
ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF MEGAN..........................12
5.1 Existence; Good Standing; Authority..............................12
5.2 Authorization, Validity and Effect of Agreements.................13
5.3 Capitalization...................................................13
5.4 Subsidiaries.....................................................14
5.5 Other Interests..................................................14
5.6 No Violation.....................................................14
5.7 Financial Statements.............................................15
5.8 Undisclosed Liabilities..........................................15
5.9 Litigation.......................................................16
5.10 Absence of Certain Changes.......................................16
5.11 Tax Matters......................................................17
5.12 Books and Records................................................18
5.13 Assets...........................................................18
5.14 Owned Real Property..............................................19
5.15 Real Property Leases.............................................19
(i)
{PAGE}
5.16 Intellectual Property............................................19
5.17 Inventory........................................................23
5.18 Contracts........................................................23
5.19 Accounts Receivable..............................................25
5.20 Powers of Attorney...............................................25
5.21 Insurance........................................................25
5.22 Warranties.......................................................26
5.23 Compliance with Law; Permits; Environmental Matters..............26
5.24 Employees........................................................28
5.25 Employee Matters.................................................28
5.26 No Brokers.......................................................29
5.27 Acquisition Proposals............................................29
5.28 Customers and Suppliers..........................................29
5.29 Certain Business Relationships with Affiliates...................29
5.30 Certain Business Practices.......................................30
ARTICLE 6. REPRESENTATIONS AND WARRANTIES OF AVANT AND ACQUISITION SUB......30
6.1 Existence; Good Standing; Authority..............................30
6.2 Authorization, Validity and Effect of Agreements.................31
6.3 Capitalization...................................................31
6.4 Subsidiaries.....................................................31
6.5 Authorization of Transaction.....................................31
6.6 Noncontravention.................................................32
6.7 Reports and Financial Statements.................................32
6.8 Absence of Material Adverse Change...............................33
6.9 Investment Company...............................................33
6.10 Litigation.......................................................33
6.11 Interim Operations of the Acquisition Sub........................33
6.12 Brokers' Fees....................................................33
ARTICLE 7. COVENANTS........................................................33
7.1 Acquisition Proposals............................................33
7.2 Conduct of Businesses by AVANT and Megan.........................34
7.3 Reorganization...................................................35
7.4 Listing Application..............................................36
7.5 Filings; Other Action............................................36
7.6 Access to Information; Confidentiality...........................36
7.7 Expenses.........................................................37
7.8 Restricted Securities............................................38
7.9 Registration Rights..............................................39
7.10 Stockholder Consents.............................................42
7.11 Form D...........................................................42
7.12 State Securities Laws............................................42
ARTICLE 8. INDEMNIFICATION..................................................42
8.1 Indemnification by the Stockholders..............................42
(ii)
{PAGE}
8.2 Megan Stockholder Claims.........................................43
8.3 Indemnification by AVANT.........................................43
8.4 Indemnification Claims...........................................44
8.5 Survival of Representations and Warranties.......................46
8.6 Limitations......................................................47
ARTICLE 9. CONDITIONS.......................................................49
9.1 Conditions to Each Party's Obligation to Effect the Merger.......49
9.2 Conditions to Obligations of Megan to Effect the Merger..........49
9.3 Conditions to Obligation of AVANT and Acquisition Sub
to Effect the Merger...........................................50
ARTICLE 10. TERMINATION; AMENDMENT; WAIVER...................................51
10.1 Termination......................................................51
10.2 Effect of Termination............................................52
ARTICLE 11. GENERAL PROVISIONS...............................................52
11.1 Notices..........................................................52
11.2 Assignment; Binding Effect; Benefit..............................53
11.3 Entire Agreement.................................................54
11.4 Amendment........................................................54
11.5 Governing Law....................................................54
11.6 Counterparts.....................................................54
11.7 Headings.........................................................54
11.8 Interpretation...................................................54
11.9 Waivers..........................................................55
11.10 Incorporation....................................................55
11.11 Severability.....................................................55
11.12 Enforcement of Agreement.........................................55
11.13 Certain Definitions..............................................55
SCHEDULES
Schedule A........Committed Stockholders
Schedule B........Principal Stockholders
Schedule C........Washington University Intellectual Property Matters
Schedule D........RADS Intellectual Property Matters
Schedule E........Ineligible Stockholders
EXHIBITS
Exhibit A.........Form of Approval of Merger Agreement
Exhibit B.........Form of Principal Stockholders Agreement
Exhibit C.........Form of Escrow Agreement
Exhibit D.........Form of Confidentiality Agreement
Exhibit E.........Opinion of Buyer's Counsel
Exhibit F.........Opinion of Seller's Counsel
(iii)
{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and entered
into as of November 20, 2000 by and among AVANT Immunotherapeutics, Inc., a
Delaware corporation ("AVANT"), AVANT Acquisition Corp., a Delaware corporation
("Acquisition Sub"), and Megan Health, Inc., a Delaware corporation ("Megan").
RECITALS
WHEREAS, the boards of directors of AVANT, Acquisition Sub and Megan have
each determined that it is advisable and in the best interests of their
respective stockholders to consummate, and have approved, the business
combination transaction provided for herein in which Acquisition Sub would merge
with and into Megan and Megan would become a wholly-owned subsidiary of AVANT
(the "Merger");
WHEREAS, the boards of directors of AVANT, Acquisition Sub and Megan have
determined that the Merger is in the best interests of their respective
companies and presents an opportunity for their respective companies to achieve
long-term strategic and financial benefits, and accordingly have agreed to
effect the transactions provided for herein and in the Ancillary Agreements (as
hereinafter defined) upon the terms and subject to the conditions set forth
herein and therein;
WHEREAS, contemporaneously with the execution of this Agreement, each of
the stockholders of Megan listed on Schedule A hereto (the "Committed
Stockholders") is entering into a separate agreement in the form attached hereto
as EXHIBIT A (each, an "Approval of Merger Agreement") with Megan, AVANT and
Acquisition Sub pursuant to which such Committed Stockholder, among other
things, votes his, her or its shares of common stock, par value $.001 per share,
of Megan (the "Megan Common Stock"), and his, her or its shares of preferred
stock, par value $.001 per share of Megan (the "Megan Preferred Stock") (the
Megan Common Stock and the Megan Preferred Stock together, the "Megan Stock"),
in favor of the Merger. Megan Preferred Stock consists entirely of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D
Preferred Stock;
WHEREAS, contemporaneously with the execution of this Agreement, the
stockholders of Megan listed on Schedule B hereto, whose representatives or
designees are members of the Board of Directors of Megan, (the "Principal
Stockholders") are entering into an agreement in the form attached hereto as
EXHIBIT B (the "Principal Stockholders Agreement") with Megan, AVANT and
Acquisition Sub; and
WHEREAS, AVANT, Acquisition Sub and Megan desire to make certain
representations, warranties and agreements in connection with the Merger.
NOW, THEREFORE, in consideration of the foregoing, and of the
representations, warranties, covenants and agreements contained herein, the
parties hereto hereby agree as follows:
{PAGE}
ARTICLE 1. THE MERGER
1.1 THE MERGER. Subject to the terms and conditions of this Agreement, at
the Effective Time (as hereinafter defined), Acquisition Sub shall be merged
with and into Megan in accordance with this Agreement, and the separate
corporate existence of Acquisition Sub shall thereupon cease. Megan shall be the
surviving corporation in the Merger (sometimes hereinafter referred to as the
"Surviving Corporation"). The Merger shall have the effects specified in Section
259 of the Delaware General Corporation Law (the "DGCL"). Assuming that the
representations of Megan contained in Section 5.3 are true and correct, the
Merger shall constitute a "liquidation" of Megan under Article IV, Section 3 of
the certificate of incorporation of Megan, resulting in the Common Stock
Exchange Ratio and the Preferred Stock Exchange Ratio set forth in Sections
4.2(a) and 4.2(b) hereof.
1.2 THE CLOSING. Subject to the terms and conditions of this Agreement, the
closing of the Merger (the "Closing") shall take place at the offices of
Goodwin, Procter & Hoar LLP, Exchange Place, Boston, Massachusetts, at 9:00
a.m., local time, on the later of (i) December 1, 2000 or (ii) the first
business day following the day on which the last of the conditions set forth in
Article 9 shall be fulfilled or waived in accordance herewith, or at such other
time, date or place as the parties hereto may agree. The date on which the
Closing occurs is hereinafter referred to as the "Closing Date."
1.3 EFFECTIVE TIME. If all of the conditions to the Merger set forth in
Article 9 shall have been fulfilled or waived in accordance herewith and this
Agreement shall not have been terminated as provided in Article 10, the parties
hereto shall promptly cause a certificate of merger satisfying the requirements
of the DGCL (the "Certificate of Merger") to be properly executed, verified and
delivered for filing in accordance with the DGCL on the Closing Date. The Merger
shall become effective upon the acceptance for record of the Certificate of
Merger by the Secretary of State of Delaware in accordance with the DGCL or at
such later time which the parties hereto shall have agreed upon and designated
in such filing in accordance with applicable law as the effective time of the
Merger (the "Effective Time").
1.4 ANCILLARY AGREEMENTS. As an inducement to AVANT and Acquisition Sub to
enter into this Agreement, the Approval of Merger Agreements, the Principal
Stockholders Agreement and the Escrow Agreement (as hereinafter defined)
(collectively the "Ancillary Agreements") have been executed contemporaneously
with the execution of this Agreement by Megan, the Committed Stockholders and
the Principal Stockholders, as the case may be.
1.5 ACTIONS AT THE CLOSING. At the Closing:
(a) Megan shall deliver to AVANT and Acquisition Sub the various
certificates, instruments and documents referred to in Section 9.3;
(b) AVANT and the Acquisition Sub shall deliver to Megan the various
certificates, instruments and documents referred to in Section 9.2;
(c) the Surviving Corporation shall file with the Secretary of State
of the State of Delaware the Certificate of Merger;
2
{PAGE}
(d) AVANT shall deliver a certificate for 1,574,713 shares of AVANT
Common Stock (as hereinafter defined) to a bank trust company or other entity
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