Amgen Completes Acquisition Of IMMUNEX
THOUSAND OAKS, Calif. - July
16, 2002 - Amgen Inc. (Nasdaq: AMGN),
the world's largest biotechnology company, announced today that
it has completed its acquisition of Immunex Corporation (Nasdaq:
IMNX), a leader in inflammation and one of biotechnology's premier
Stockholders of both companies approved the deal in
May, and Amgen has received clearance from the U.S. Federal Trade
"This is an important step forward for our company,"
said Kevin Sharer, Amgen's chairman and chief executive officer.
"Amgen will now have an enhanced position as the biotechnology
leader, with a wide range of important drugs, including proven blockbusters
EPOGEN, NEUPOGEN and ENBREL, as well as the recently
marketed Aranesp, Neulasta and Kineret."
Under the terms of the acquisition agreement, each
share of Immunex common stock will be exchanged for a fixed ratio
of 0.44 shares of Amgen common stock and cash of $4.50.
As previously announced, Ed Fritzky, formerly chairman
and chief executive officer of Immunex, will become a member of
Amgen's board of directors, and Doug Williams, Ph.D., previously
Immunex executive vice president and chief technology officer, will
lead the Seattle research site. Peggy Phillips, who was executive
vice president and chief operating officer of Immunex, is expected
to serve as a special advisor to Amgen.
This news release contains forward-looking statements
that involve significant risks and uncertainties, including those
discussed below and more fully described in the Securities and Exchange
Commission reports filed by Amgen, including our most recent Form
10-Q. Although the Federal Trade Commission has accepted a proposed
consent order, the consent order is not final and remains subject
to change. Any change made to the consent order could materially
adversely affect the transaction, Amgen's post-closing obligations
and Amgen's results of operations. Amgen conducts research in the
biotechnology/pharmaceutical field where movement from concept to
product is uncertain; consequently, there can be no guarantee that
any particular product candidate will be successful and become a
Furthermore, our research, testing, pricing, marketing
and other operations are subject to extensive regulation by domestic
and foreign government regulatory authorities. In addition, sales
of our products are affected by reimbursement policies imposed by
third party payors, including governments, private insurance plans
and managed care providers. These government regulations and reimbursement
policies may affect the development, usage and pricing of our products.
In addition, while we routinely obtain patents for
our products and technology, the protection offered by our patents
and patent applications may be challenged, invalidated or circumvented
by our competitors.
Because forward-looking statements involve risks and
uncertainties, actual results may differ materially from current
results expected by Amgen. Amgen is providing this information as
of July 16, 2002 and expressly disclaims any duty to update information
contained in this press release.
Amgen is a global biotechnology company
that discovers, develops, manufactures and markets important human
therapeutics based on advances in cellular and molecular biology.
CONTACT: Amgen, Thousand Oaks
Barbara Bronson Gray, 805/447-4587 (media)
Cary Rosansky, 805/447-4634 (investors)