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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 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1998, Business Wire | ||||||||||||||
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