Genentech and Tanox Receive 'Second Request' from the Federal Trade Commission
29 1월 2007 - 10:36PM
PR Newswire (US)
SOUTH SAN FRANCISCO, Calif. and HOUSTON, Jan. 29
/PRNewswire-FirstCall/ -- Genentech, Inc. (NYSE:DNA) and Tanox,
Inc. (NASDAQ:TNOX) today announced that they have received a
Request for Additional Information and Documentary Materials,
commonly referred to as a "second request," from the U.S. Federal
Trade Commission (FTC) in connection with Genentech's proposed
acquisition of Tanox. The second request extends the waiting period
imposed by the Hart- Scott-Rodino Antitrust Improvements Act of
1976, the expiration of which is a condition to the completion of
the acquisition. Genentech and Tanox continue to engage in active
and productive discussions with the FTC and intend to cooperate
fully with the FTC in its review of the proposed acquisition. The
companies anticipate that the FTC's review could extend beyond the
first quarter of 2007. The companies expect that the transaction
will close within the first half of 2007, subject to the
satisfaction of other customary closing conditions. At a special
meeting on January 15, 2007, Tanox stockholders voted to approve
the merger agreement providing for the merger of Tanox and a
wholly- owned subsidiary of Genentech. About Genentech Founded more
than 30 years ago, Genentech is a leading biotechnology company
that discovers, develops, manufactures, and commercializes
biotherapeutics for significant unmet medical needs. A considerable
number of the currently approved biotechnology products originated
from or are based on Genentech science. Genentech manufactures and
commercializes multiple biotechnology products and licenses several
additional products to other companies. The company has
headquarters in South San Francisco, Calif., and is listed on the
New York Stock Exchange under the symbol DNA. For additional
information about the company, please visit http://www.gene.com/.
About Tanox Tanox is a biotechnology company specializing in the
development of monoclonal antibodies. The company develops
innovative biotherapeutics for the treatment of immune-mediated
diseases, inflammation, infectious disease and cancer. Tanox's lead
investigational therapy, TNX-355, is a viral-entry inhibitor
antibody to treat HIV/AIDS. TNX-355 has shown significant antiviral
activity in Phase 2 clinical testing. Tanox's first-approved drug,
Xolair(R) (omalizumab), is the first antibody approved to treat
moderate-to-severe confirmed, allergic asthma. Xolair was developed
in collaboration with Genentech, Inc. and Novartis Pharma AG and is
approved for marketing in the United States, Canada and major
European countries. Tanox is based in Houston and has a
manufacturing facility in San Diego. Additional corporate
information is available at http://www.tanox.com/. This release
contains forward-looking statements including, among other things,
the companies' expectations regarding the closing of the
acquisition and receipt of regulatory clearance. Actual results
could differ materially. Among other things, the transaction and
its timing and the receipt of regulatory clearance could be
affected or prevented by failure of certain closing conditions to
occur and FTC and other regulatory actions or delays. Please refer
to Genentech's and Tanox's periodic reports filed with the
Securities and Exchange Commission. Such reports contain and
identify important factors that could cause actual results to
differ materially from those contained in our forward-looking
statements. All such risk factors, including those found in each of
Genentech's and Tanox's most recent Form 10-Q filed with the
Securities and Exchange Commission, are incorporated by reference
into this release. We undertake no obligation to update or revise
any forward-looking statements in this release in the future.
Genentech Media Contact: Geoff Teeter 650-225-8171 Caroline Pecquet
650-467-7078 Genentech Investor Contact: Kathee Littrell
650-225-1034 Susan Morris 650-225-6523 Tanox Media & Investor
Contact Steve Sievert 713-578-4211 DATASOURCE: Genentech, Inc.
CONTACT: Genentech Media, Geoff Teeter, +1-650-225-8171, Caroline
Pecquet, +1-650-467-7078, or Genentech Investor, Kathee Littrell,
+1-650-225-1034, or Susan Morris, +1-650-225-6523; or Tanox Media
& Investor Contact, Steve Sievert, +1-713-578-4211 Web site:
http://www.gene.com/ http://www.tanox.com/
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