MINNEAPOLIS--(BUSINESS WIRE)--Oct. 20, 2005--MGI PHARMA, INC. (Nasdaq:MOGN) announces that today, October 20, 2005, it will commence a tender offer to purchase any and all of the outstanding 5% Convertible Subordinated Notes due July 1, 2008 of Guilford Pharmaceuticals Inc. (CUSIP Nos. 401829AA4 and 401829AB2 (the “Notes”)). MGI PHARMA is making the offer together with its wholly-owned subsidiary, MGI GP, INC., which was formerly known as Guilford Pharmaceuticals Inc. As a result of MGI PHARMA’s acquisition of Guilford Pharmaceuticals Inc. on October 3, 2005, the tender offer is required pursuant to the terms of the indenture under which the Notes were issued. MGI PHARMA estimates that the purchase price will be approximately $1,020.56 per $1,000 principal amount of Notes, which is equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest through November 28, 2005. The tender offer is not contingent on any financing.
