ZymoGenetics (ZGEN)

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ZymoGenetics Sold to Bristol-Myers Squibb for $9.75 a Share - ZGEN due off After-Hours Halt at 5:50 p.m. ET, BMY Slips
BY Midnight Trader

— 5:29 PM ET 09/07/2010
05:29 PM Eastern Daylight Time, 09/07/2010 (MidnightTrader) --
Bristol-Myers Squibb Company (BMY) and ZymoGenetics (ZGEN) have signed a definitive agreement providing for the acquisition of ZymoGenetics (ZGEN) by Bristol-Myers Squibb (BMY) for $9.75 per share in cash. The transaction, with an aggregate purchase price of approximately $885 million, or approximately $735 million net of cash acquired, has been unanimously approved by the boards of directors of both companies. The board of directors of ZymoGenetics (ZGEN) intends to recommend that ZymoGenetics' (ZGEN) shareholders tender their shares in the tender offer. In addition, shareholders holding approximately 37% of the outstanding shares of ZymoGenetics' (ZGEN) common stock have entered into agreements with Bristol-Myers Squibb (BMY) to support the transaction and to tender their shares in the offer. BMY says the acquisition builds on long-standing commitment to virology; gains full rights to promising Phase II hepatitis C biologic, pegylated-interferon lambda; obtains FDA-approved specialty surgical biologic, RECOTHROM; attains early clinical and pre-clinical programs in oncology and immunoscience. ZGEN is halted; BMY is down 0.3%. Price: 5.30, Change: 0, Percent Change: 0

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