Corixa Corporation Announces Stockholder Approval of Merger with GlaxoSmithKline
July 12 2005 - 4:15PM
Business Wire
Corixa Corporation (Nasdaq:CRXA) today announced that its
stockholders have adopted the merger agreement pursuant to which
Corixa will be merged with and into a wholly owned subsidiary of
SmithKline Beecham Corporation (d/b/a/ GlaxoSmithKline) and Corixa
stockholders will receive $4.40 in cash for each share of common
stock, $517.65 in cash for each share of Series A Preferred Stock
and $172.01 for each share of Series B Preferred Stock. On April
29, 2005, Corixa and GlaxoSmithKline announced the signing of the
merger agreement. Adoption of the merger agreement by Corixa's
stockholders satisfies one of the conditions to the completion of
the transaction. Corixa anticipates that the merger will occur
later today, subject to the satisfaction or waiver of all other
closing conditions to the merger. About Corixa and Forward Looking
Statements Corixa is a biopharmaceutical company developing vaccine
adjuvants and immunology based products that manage human diseases.
Corixa's products are currently in multiple clinical development
programs, including several that have advanced to and through late
stage clinical trials. The company partners with numerous
developers and marketers of pharmaceuticals, targeting products
that are Powered by Corixa(TM) technology with the goal of making
its potential products available to patients around the world.
Corixa was founded in 1994 and is headquartered in Seattle, with
additional operations in Hamilton, Montana. For more information,
please visit Corixa's Web site at www.corixa.com. This press
release contains forward-looking statements, including statements
regarding the outcome and expected completion date of the proposed
transaction between Corixa and GlaxoSmithKline. Forward-looking
statements are based on the opinions and estimates of management at
the time the statements are made. They are subject to certain risks
and uncertainties that could cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. Factors that could affect
Corixa's actual results include, but are not limited to, the risk
that the acquisition by GSK does not close as a result of a failure
to satisfy the closing conditions or otherwise and the "Factors
Affecting Our Operating Results, Our Business and Our Stock Price,"
described in Corixa's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005, copies of which are available from the
company's investor relations department. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release.
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