Thursday June 1, 8:39 am Eastern Time
Company Press Release
P&G to Purchase $17 Million of Regeneron Common
Stock at $29.75 per Share
TARRYTOWN, N.Y.--(BUSINESS WIRE)--June 1, 2000--Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN - news)
announced that it will sell 573,630 shares of Regeneron common stock to The Procter & Gamble Company (NYSE: PG -
news) at a price of $29.75 per share for total proceeds of approximately $17 million.
After the sale, Procter & Gamble will own approximately 5.7 million shares of Regeneron stock (equal to about 16% of total
shares outstanding). Procter & Gamble also has warrants to purchase an additional 1.45 million shares.
The sale of stock is being made pursuant to an agreement that Regeneron and Procter & Gamble entered into in 1997 that
grants Regeneron the right to sell $17 million of common stock to Procter & Gamble. The $29.75 price is the same price per
share as in Regeneron's public offering of 2.6 million shares of common stock in April 2000. The sale to Procter & Gamble is
expected to close in August 2000.
Regeneron is a biopharmaceutical company that discovers, develops, and intends to commercialize therapeutic drugs for the
treatment of serious medical conditions. Regeneron's platform technologies include Targeted Genomics(TM),
Functionomics(TM), and Designer Protein Therapeutics(TM). Regeneron has drugs in clinical and preclinical development for
the potential treatment of obesity, rheumatoid arthritis, cancer, allergies, asthma, amyotrophic lateral sclerosis, constipating
conditions, ischemia, and other diseases and disorders.
This news release discusses historical information and includes forward-looking statements about Regeneron and about its
products, programs, finances, and business, all of which involve a number of risks and uncertainties, such as risks associated
with preclinical and clinical development of drugs and biologics, determinations by regulatory and administrative governmental
authorities, competitive factors, technological developments, the availability and cost of capital, the costs of developing,
producing, and selling products, the potential for any collaboration agreement to be canceled or to terminate without any
product success, and other material risks. A more complete description of these risks can be found in Regeneron's filings with
the United States Securities and Exchange Commission, including its Form 10-K for the year ending December 31, 1999.
Regeneron does not undertake any obligation to update publicly any forward-looking statement, whether as a result of new
information, future events, or otherwise.
-0- Additional information about Regeneron and recent news releases are available on Regeneron's Worldwide Web Home
Page at www.regeneron.com. Fax copies of news releases can be obtained from Regeneron's News-on-Demand Service by
dialing (800) 311-0841.
Contact:
Murray A. Goldberg
Vice President Finance and Administration and CFO
Regeneron Pharmaceuticals, Inc.
(914) 345-7492 |
