Update on BioChem Pharma / Shire Pharmaceuticals Merger
30-Mar-2001
BioChem Pharma Inc. ("BioChem")
(NASDAQ: BCHE; TSE: BCH) announces that Shire Pharmaceuticals
Group plc ("Shire") issued the following release earlier today updating
the timetable for its proposed merger with BioChem.
"The proposed merger with BioChem is conditional, inter alia, on the
Minister of Industry Canada's approval as well as the approval of both
Shire and BioChem shareholders at meetings to be held today, March
29, 2001.
Shire announces that the Minister of Industry will not be in a position to
approve Shire's proposed merger with BioChem within the current review
period ending March 31. Instead, the Minister has advised Shire that he
is not at this time, based on representations made by Shire, satisfied
that the proposed merger is of net benefit to Canada.
Shire is engaged in on-going and active discussions with the Minister
with a view to reaching a satisfactory resolution. Shire is entitled to
make representations and submit undertakings within the next 30 days
or such further period as may be agreed on by Shire and the Minister.
Although the Minister is carefully reviewing the effect of this transaction
from a Canadian perspective, Shire remains strongly of the view that the
transaction benefits both BioChem and Canada as a whole and remains
firmly committed to obtaining the Minister's approval in due course.
Further announcements will be made when appropriate."
BioChem remains fully supportive of the transaction and committed to
use all efforts to assist Shire in obtaining the approval of the Minister of
Industry. BioChem's shareholders meeting will be held today as planned
in order to approve the transaction.
On December 11, 2000, BioChem entered into an agreement to merge
with Shire to form a leading global specialty pharmaceutical company.
More details on this proposed merger and other aspects of the
company are available on the BioChem website.
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