Guilford Pharmaceuticals
Inc. (Nasdaq: GLFD) today announced that its stockholders approved the merger
transaction pursuant to which Guilford will become a wholly-owned subsidiary
of MGI PHARMA, INC. (Nasdaq: MOGN), an oncology and acute care focused
biopharmaceutical company located in Bloomington, Minnesota. The transaction
is expected to be completed on October 3, 2005.
Under the terms of the transaction, each share of Guilford common stock
will be exchanged for $1.125 in cash and .1103 of a share of MGI PHARMA common
stock. The share exchange ratio is based on an average closing price of
$23.80, determined over the five day trading period ending three trading days
prior to closing. The average price was within the collar set forth in the
Merger Agreement.
About Guilford Pharmaceuticals
Guilford Pharmaceuticals Inc. is a pharmaceutical company engaged in the
research, development and commercialization of proprietary drugs that target
the hospital and neurology markets. Presently, Guilford markets two
commercial products, Gliadel(R) wafer (polifeprosan 20 with carmustine
implant), for the treatment of brain cancer, and Aggrastat(R) injection
(tirofiban hydrochloride), a glycoprotein GP IIb/IIIa receptor antagonist for
the treatment of acute coronary syndrome (ACS). Guilford’s product pipeline
includes a novel anesthetic, Aquavan(R) injection, and other drugs for
treating Parkinson’s disease and peripheral nerve injury. For additional
prescribing information about Gliadel and Aggrastat please see
http://www.guilfordpharm.com.
