LA JOLLA, Calif.--(BUSINESS WIRE)--Jan. 7, 1998--Sequana
Therapeutics Inc. (NASDAQ:SQNA) Wednesday announced that it has
received shareholder approval for the company's planned merger with
Arris Pharmaceutical Corp. (NASDAQ:ARRS), pursuant to which Sequana
will become a wholly owned subsidiary of Arris.
The combined company will be named AxyS Pharmaceuticals Inc. and
will trade on the Nasdaq National Market System.
Voting results were recorded at Sequana's Special Meeting of
Shareholders held Wednesday in La Jolla. Of the shares represented at
the meeting, greater than 93 percent voted in favor of the
transaction. The merger, described in a press release issued jointly
by Sequana and Arris on Nov. 3, 1997, is expected to close in early
January, subject to certain approvals by Arris shareholders.
"We are pleased with the overwhelming confidence our shareholders
have expressed to the board and management team regarding Sequana's
decision to join forces with Arris and form an integrated gene-to-drug
company," said Kevin J. Kinsella, president and chief executive
officer of Sequana.
Sequana Therapeutics Inc. (NASDAQ:SQNA) is a leading genomics
company that uses industrial-scale gene discovery and functional
genomics technologies to develop products aimed at diagnosing and
treating common human diseases.
Sequana has ongoing discovery programs in asthma, diabetes,
obesity, osteoporosis, schizophrenia and manic depression, among other
important disease areas, and has scientific collaborations with
several major pharmaceutical and biotechnology companies worldwide.
Sequana employs approximately 200 people at its headquarters in La
Jolla and at its subsidiary, NemaPharm Inc., in Cambridge, Mass.
Information about Sequana may be obtained on the World Wide Web
at sequana.com or by phoning 619/452-6550.
The statements in this news release relating to the planned
merger are forward-looking statements, which involve risks and
uncertainties, including Arris' ability to obtain certain approvals
from its shareholders. For a discussion of the other risks and
uncertainties potentially affecting Sequana's and Arris' business, see
the companies' Joint Proxy Statement and Prospectus dated Dec. 3,
1997. Actual results and the timing of certain events could differ
materially from those indicated in the forward-looking statements as a
result of these or other factors.
CONTACT: Sequana Therapeutics Inc., La Jolla
Bob Giargiari, 619/646-8313
bob@sequana.com (e-mail)
KEYWORD: CALIFORNIA MASSACHUSETTS
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL MEDICINE
MERGERS/ACQ
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