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I'll do it for John W. On Wednesday, December 16, Agouron (AGPH), IMNR's partner in the commercialization of Remune, will hold their annual meeting. Interestingly, this annual meeting has been postponed twice (and for a specious reason--that NASDAQ was still reviewing the divisional stock proposal--(a review of the technical specifics of the proposal shouldn't have to hold up the approval of the broad concept, IMHO)). Anyway, originally scheduled for October 28, AGPH's annual meeting was moved to November 16, and then to December 16. The two postponements have led to conjecture that a merger might be in the works by and among Agouron and Dupont and/or IMNR. It has been acknowledged (and reported in the San Diego Tribune) that AGPH and DD held talks around August, but that they broke off. Off these talks, AGPH's stock rallied from 18 to where it is today (50 dollars). Among the things that will be approved at the annual meeting are i) the divisional stock proposal by which Agouron will divide its stock into a) AGPH and b) a tracking stock for its oncology unit; and ii) an additional number of authorized shares to pursue strategic acquisitions. And it is the proposal to increase the number of authorized shares to "pursue strategic acquisitions" (along with other happenings, such as IMNR cancelling their 2 week roadshow, and CFO Cashion leaving) which have led some (including myself) to theorize that Agouron and IMNR might get together. The odds are that nothing will come of any of this...Agph will remain independent; so will Imnr. But wouldn't it be great if Agph would merge with Imnr, then be acquired by Dupont down the road. In any event, Agouron's annual meeting doesn't mean all that much for IMNR shareholders. And since all the business items proposed by AGPH management undoubtedly will be approved, it shouldn't contain any drama for AGPH shareholders either. Good luck to all. |
