RNS Number:2793E
Powderject Pharmaceuticals PLC
26 November 2002
For Immediate Release 26 November 2002
PowderJect Pharmaceuticals Plc ("PowderJect" or the "Company")
Following press speculation, the Board of PowderJect confirmed on 21 October
2002 that it had received preliminary approaches from certain parties. These
early approaches identified an indicative price range relating to the value of
PowderJect.
However, following more detailed discussions, it became apparent that PowderJect
was unlikely to receive an offer in excess of a small premium on the Company's
share price at the close of trade yesterday, which would be subject to
confirmatory due diligence.
After careful consideration, the Board, who have been advised by CSFB, believes
this does not recognise the value of the Company or adequately reflect the
strength of PowderJect's vaccine business and its prospects. This is
particularly in light of the record six month results announced on 12 November
and the further improvement in the Company's prospects resulting from Wyeth's
decision to cease production and supply of its FluShield(R) influenza vaccine in
the US, which is PowderJect's largest market.
In the absence of any indication of the possibility of higher offers, the Board
has concluded that there is no basis to continue discussions and these have
therefore ceased.
Enquiries:
PowderJect +44 (0)1865 332600
Dr. Paul Drayson, Chairman and Chief Executive
Rob Budge, Director Corporate Communications
Credit Suisse First Boston (Europe) Limited +44 (0)207 888 8888
Andrew Christie
Stephanie Leouzon
Stuart Field
Buchanan Communications +44 (0)207 466 5000
Tim Anderson
This announcement has been approved solely for the purposes of Section 21 of the
Financial Services and Markets Act 2000 by Credit Suisse First Boston (Europe)
Limited.
Credit Suisse First Boston (Europe) Limited is acting for PowderJect and for no
one else in relation to the matters described in this announcement and will not
be responsible to anyone other than PowderJect for providing the protections
afforded to clients of Credit Suisse First Boston (Europe) Limited or for
providing advice in relation to the matters described in this announcement.
This announcement does not constitute an offer or an invitation to purchase any
securities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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