MedImmune to Acquire Aviron in Exchange Offer Valued At $1.5 Billion
Gaithersburg, MD and Mountain View, CA, December 3, 2001 -- MedImmune, Inc. (Nasdaq: MEDI) and Aviron (Nasdaq: AVIR) announced today that they have entered into a definitive merger agreement under which MedImmune will acquire Aviron through an Exchange offer and merger transaction. This transaction offers 1.075 MedImmune shares for each Aviron share. Based upon MedImmune's closing price of $44.10 on November 30, 2001, this transaction values Aviron at $47.41 per share, or approximately $1.5 billion, net of cash.
"Our acquisition of Aviron represents an excellent strategic fit and an opportunity to generate substantial growth in the near and long-term," commented David M. Mott, chief executive officer of MedImmune. "We believe that adding FluMist to our existing lead product, Synagis® (palivizumab), could enable MedImmune to join the elite group of biotechnology companies that have more than one product with greater than $1 billion in annual sales potential. Aviron also adds vaccine technology that is synergistic with our established platform in infectious disease and immunology. Given our strengths in research and development, manufacturing and regulatory affairs, we are well suited to analyze the FluMist opportunity and enhance Aviron's current efforts to gain final regulatory approval for the product. Our objective, consistent with Aviron's previously stated goal, is to launch FluMist in 2002, which would diversify and expand our revenue base and have the potential to significantly accelerate our revenue and earnings growth rates from 2003 through 2006."
C. Boyd Clarke, chief executive officer and chairman of Aviron, said, "The combination of MedImmune and Aviron creates a premier biotech company with the potential to significantly enhance shareholder value for both companies - beyond what either could achieve on its own. MedImmune has the skills, experience and resources to help us ensure that the commercial potential of FluMist and our other vaccine candidates is maximized. At the same time, our shareholders will have the opportunity to benefit from the continued growth and success of MedImmune's currently marketed products and strong pipeline. Our board has concluded that this transaction is in the best interest of shareholders."
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