BALTIMORE, Sept. 29 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc. today announced that its stockholders approved the merger transaction pursuant to which Guilford will become a wholly-owned subsidiary of MGI PHARMA, INC. , an oncology and acute care focused biopharmaceutical company located in Bloomington, Minnesota. The transaction is expected to be completed on October 3, 2005.
Under the terms of the transaction, each share of Guilford common stock will be exchanged for $1.125 in cash and .1103 of a share of MGI PHARMA common stock. The share exchange ratio is based on an average closing price of $23.80, determined over the five day trading period ending three trading days prior to closing. The average price was within the collar set forth in the Merger Agreement.
About Guilford Pharmaceuticals
Guilford Pharmaceuticals Inc. is a pharmaceutical company engaged in the research, development and commercialization of proprietary drugs that target the hospital and neurology markets. Presently, Guilford markets two commercial products, Gliadel(R) wafer (polifeprosan 20 with carmustine implant), for the treatment of brain cancer, and Aggrastat(R) injection (tirofiban hydrochloride), a glycoprotein GP IIb/IIIa receptor antagonist for the treatment of acute coronary syndrome (ACS). Guilford's product pipeline includes a novel anesthetic, Aquavan(R) injection, and other drugs for treating Parkinson's disease and peripheral nerve injury. For additional prescribing information about Gliadel and Aggrastat please see http://www.guilfordpharm.com.
About MGI PHARMA
MGI PHARMA, INC. is an oncology and acute care focused biopharmaceutical company that acquires, develops and commercializes proprietary products that address the unmet needs of cancer patients. MGI PHARMA markets Aloxi(R) (palonosetron hydrochloride) injection, Gliadel(R) wafer (polifeprosan 20 with carmustine implant), and Kadian(R) (sustained release morphine sulfate) capsules in the United States. The company directly markets its products in the U.S. and collaborates with partners to reach international markets. For more information about MGI PHARMA, please visit http://www.mgipharma.com.
Contact: Guilford Pharmaceuticals Inc.
Stacey Jurchison 410.631.5022 firstname.lastname@example.org
Guilford Pharmaceuticals Inc.
CONTACT: Stacey Jurchison, Guilford Pharmaceuticals Inc., +1-410-631-5022,email@example.com