Bristol-Myers Squibb Company (NYSE: BMY) announced today that it has completed its previously announced $190 million acquisition of Kosan Biosciences Incorporated (NASDAQ: KOSN) (“Kosan”). As a result of the transaction, Kosan has become a wholly-owned subsidiary of Bristol-Myers Squibb.
Bristol-Myers Squibb initiated a cash tender offer on May 29, 2008 to purchase all outstanding common stock of Kosan for $5.50 per share. The tender offer expired at midnight EDT on June 25, 2008, at which time approximately 41,449,606 shares, including 1,682,151 shares subject to guaranteed delivery procedures, were tendered, representing approximately 97.1% of the shares outstanding. Today Bristol-Myers Squibb acquired all of the remaining outstanding shares of Kosan. These shares, other than those owned by stockholders of Kosan who properly perfect their appraisal rights under Delaware law, were converted into the right to receive $5.50 per share, in cash and without interest, less any required withholding taxes.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company and related health care products company whose mission is to extend and enhance human life. For more information visit www.bms.com
This press release contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995, relating to the acquisition of Kosan by Bristol-Myers Squibb Company. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include but are not limited to the risk that the businesses of Bristol-Myers Squibb and Kosan will not be integrated successfully, or will take longer than anticipated; the outcome of litigation and regulatory proceedings to which Bristol-Myers Squibb may be a party; changes and developments affecting Bristol-Myers Squibb’s industry; and development of new products and services. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb Company’s business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb Company’s Annual Report on Form 10-K for the year ended December 31, 2007, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities.
Theresa Korbos, 609-252-3136
John Elicker, 212-546-3775
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