ISS/Risk Metrics Recommends Renovis Shareholders Vote for Merger With Evotec
Friday April 18, 3:30 pm ET
SOUTH SAN FRANCISCO, Calif., April 18 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS - News), today announced that Institutional Shareholder Services (ISS), one of the nation's leading proxy advisory firms, has recommended that Renovis stockholders vote "FOR" the merger agreement with Evotec AG (Frankfurt Stock Exchange: EVT) at the Special Stockholders Meeting scheduled for May 1, 2008. In the proposed merger, each share of Renovis common stock will be converted into the right to receive the equivalent of 1.0542 Evotec ordinary shares.
In its report, recommending for the merger with Evotec, ISS concluded: "Based on our review of the terms of the transaction and the factors described above including the company's recent drug failure, its partial-auction process that resulted in the merger agreement, the strategic and synergistic rationale, and the valuation analysis conducted by Cowen, we believe that the merger agreement warrants shareholder support."*
The Board of Directors of Renovis unanimously recommends that stockholders vote "FOR" the approval and adoption of the agreement and plan of merger, and the approval of the merger and related transactions as described in the proxy statement/prospectus.
The company encourages all stockholders to vote their shares promptly by phone, Internet, or by mailing their proxy card, and to contact MacKenzie Partners at 800/322-2885 or collect at 212/929-5500 if they have any questions or need any assistance in voting their shares.
*Permission to reprint neither requested nor received.
About Renovis
Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has a worldwide collaboration and license agreement with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1).
surf's up......crikey
