Sirna Therapeutics Shareholders Approve Acquisition by Merck & Co.
December 28 2006 - 3:00PM
PR Newswire (US)
SAN FRANCISCO, Dec. 28 /PRNewswire-FirstCall/ -- Sirna
Therapeutics, Inc. (NASDAQ:RNAI) announced that Sirna shareholders
approved the acquisition of Sirna by Merck & Co., Inc. at a
special meeting today. The shareholder vote is a necessary
condition for the completion of the acquisition of Sirna, a leader
in the discovery and development of RNAi-based therapeutics. The
acquisition is expected to close as soon as reasonably practicable,
subject to satisfaction of customary closing conditions. About
Sirna Therapeutics, Inc. Sirna Therapeutics is a clinical-stage
biotechnology company developing RNAi-based therapies for serious
diseases and conditions, including age-related macular degeneration
(AMD), hepatitis C, dermatology, asthma, respiratory syncytial
virus (RSV) and Huntington's disease. Sirna Therapeutics completed
its Phase I clinical trial for Sirna-027 in AMD in 2005 and with
its strategic partner, Allergan, Inc., is moving Sirna-027 forward
into Phase II clinical trials. Sirna has selected a clinical
candidate for hepatitis C virus, Sirna-034. Sirna has established
an exclusive multi-year strategic alliance with GlaxoSmithKline for
the development of siRNA compounds for the treatment of respiratory
diseases. Sirna has a leading intellectual property portfolio in
RNAi covering over 250 mammalian gene and viral targets and over
200 issued or pending patents covering other major aspects of RNAi
technology, including the microRNA technology. Sirna recently
announced that it was being acquired by Merck at a price of $13.00
per share in cash, for an aggregate equity purchase price of
approximately $1.1 billion. Completion of this transaction is
subject to customary closing conditions. More information on Sirna
Therapeutics is available on the Company's web site at
http://www.sirna.com/. Sirna Forward-Looking Statement Statements
in this press release which are not strictly historical are
"forward-looking" statements which are subject to many risks and
uncertainties. These include the failure to satisfy the closing
conditions set forth in the merger agreement between Sirna and
Merck, the termination of the merger agreement, or the failure of
the proposed acquisition to close or a significant delay in the
closing for any reason. Risk factors are identified in Sirna's
Securities and Exchange Commission filings, including Forms 10-K
and 10-Q and in other SEC filings. Sirna undertakes no obligation
to revise or update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of
this release. Sirna Contact: Stephan Herrera Executive Director,
Investor Relations +1 415 694 2514 DATASOURCE: Sirna Therapeutics,
Inc. CONTACT: Stephan Herrera, Executive Director, Investor
Relations of Sirna Therapeutics, Inc., +1-415-694-2514 Web site:
http://www.sirna.com/
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