Pharmacopeia Completes Spin-Off of Pharmacopeia Drug Discovery
PRINCETON, N.J. and SAN DIEGO, May 3 /PRNewswire-FirstCall/ -- Pharmacopeia,
Inc. and Pharmacopeia Drug Discovery, Inc. ("PDD") today announced the
completion of the spin-off of PDD, Pharmacopeia's drug discovery business, into
an independent, separately traded, publicly held company. Pharmacopeia's
corporate offices will be located in San Diego, California while PDD will
continue to be headquartered in Princeton, New Jersey. To reflect its focus on
scientific software solutions, Pharmacopeia expects to change its name to
Accelrys upon approval by its stockholders at its annual meeting later this
month.
On April 30, 2004, Pharmacopeia distributed to its stockholders of record as of
April 16, 2004, a dividend of one share of PDD common stock for every two
shares of Pharmacopeia common stock. From April 16, 2004 through April 30,
2004, Pharmacopeia common stock traded with the right to receive the dividend.
Fractional shares were not distributed but will be aggregated and sold in the
public market. The net cash proceeds of these sales will be distributed
ratably to those stockholders who would have otherwise received fractional
shares. Pharmacopeia has received an opinion of counsel that the transaction
will qualify for treatment as a tax-free spin-off.
Beginning on May 3, 2004, Pharmacopeia and PDD will trade as separate companies
on The Nasdaq National Market. Pharmacopeia common stock will trade under the
ticker symbol "ACCL" (and, as noted above, Pharmacopeia will change its name to
Accelrys, Inc. after receiving stockholder approval) and PDD common stock will
trade under the ticker symbol "PCOP." Dechert LLP and Credit Suisse First Boston acted as advisors to Pharmacopeia,
Inc. in the spin-off transaction.
Accelrys (http://www.accelrys.com/) is a leader in enabling science and
technology that accelerates and improves the drug discovery and chemical
development processes. Accelrys develops and commercializes molecular modeling
and simulation software for the life sciences and materials research markets,
cheminformatics and decision support systems, and bioinformatics tools
including gene sequence analysis. Accelrys is headquartered in San Diego,
California.
Pharmacopeia Drug Discovery ("PDD") (http://www.pharmacopeia.com/) is a
chemistry- based collaborative drug discovery company, focused on the creation
of new small molecule therapeutics. Using proprietary technologies and
processes, PDD's experienced scientists identify and optimize novel drug
candidates through research collaborations with major pharmaceutical and
biological companies and through its own internally-funded drug discovery
programs. PDD is headquartered in Princeton, New Jersey.
When used anywhere in this document, the words "expects," "believes,"
"anticipates," "estimates" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements herein may include
statements addressing future financial and operating results of Pharmacopeia
and PDD. Each of Pharmacopeia and PDD have based these forward-looking
statements on its current expectations about future events. Such statements are
subject to risks and uncertainties including, but not limited to, the
successful implementation of Pharmacopeia's and PDD's strategic plans, the
development by each company and market acceptance of new products, the
establishment by PDD of drug discovery collaborations and the results of PDD's
internal proprietary drug discovery programs, the obsolescence of existing
products, the resolution of existing and potential future patent issues,
additional competition, changes in economic conditions and other risks
described in documents Pharmacopeia and PDD have filed with the Securities and
Exchange Commission, including PDD's registration statement on Form 10 and
subsequent filings under the Securities Exchange Act of 1934, and
Pharmacopeia's most recent report on Form 10-K and subsequent filings under the
Securities Exchange Act of 1934. All forward-looking statements in this
document are qualified entirely by the cautionary statements included in this
document and such filings. These risks and uncertainties could cause actual
results to differ materially from results expressed or implied by forward-
looking statements contained in this document. These forward-looking statements
speak only as of the date of this document. Each of Pharmacopeia and PDD
disclaim any undertaking to publicly update or revise any forward- looking
statements contained herein to reflect any change in its expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
Pharmacopeia/Accelrys Contact:
John J. Hanlon
Chief Financial Officer
Pharmacopeia, Inc.(858) 799-5000 Pharmacopeia Drug Discovery Contact:
Brian M. Posner
Vice President, Finance
Pharmacopeia Drug Discovery, Inc. (609) 452-3600
DATASOURCE: Pharmacopeia, Inc.
CONTACT: Pharmacopeia/Accelrys Contact: John J. Hanlon, Chief Financial Officer, Pharmacopeia, Inc., +1-858-799-5000; or Pharmacopeia Drug Discovery Contact: Brian M. Posner, Vice President, Finance, Pharmacopeia Drug Discovery, Inc., +1-609-452-3600, Web site: http://www.pharmacopeia.com/ http://www.accelrys.com/
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