Amgen to acquire Immunex for $16 billion

Amgen and Immunex Corporation jointly announced today they have signed a definitive agreement providing for Amgen, the world's largest biotechnology company, to acquire Immunex, biotechnology's inflammation leader, for $16 billion in stock and net cash.

Under the terms of the 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, or a total of 85% in stock and 15% in cash.

Amgen's existing shareholders will own approximately 81% of the new company and Immunex's existing shareholders will own 19%.

As part of the agreement, Amgen will acquire the 41% stake in Immunex held by American Home Products Corporation, for the same purchase price per share, giving AHP an 8% stake in the new company.

According to a statement, the acquisition will bring together two of the world's fastest growing biotechnology companies, representing a key step in accelerating Amgen's long-term growth.

By combining the most successful biotech company with one of the industry's fastest growing companies, the transaction will enhance Amgen's position as the biotechnology leader with an unparalleled portfolio of drugs.

The transaction is anticipated to close in the second half of 2002, subject to approval by shareholders of both companies, as well as customary regulatory approvals.