The stockholders of Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) voted
today at a special meeting of stockholders to adopt the previously
announced agreement and plan of merger, dated as of April 27, 2014,
providing for the merger of Furiex with an entity now controlled by
Forest Laboratories, LLC, a subsidiary of Actavis plc (NYSE: ACT).
Actavis completed its acquisition of Forest Laboratories, Inc. on July
1, 2014. The votes cast by Furiex’s stockholders in favor of the
proposal to adopt the merger agreement represented approximately 79.85%
of Furiex’s issued and outstanding common stock entitled to vote as of
May 29, 2014, the record date for the special meeting.
Furiex today also announced that it has received notice of clearance of
the proposed merger from the Ukrainian Antimonopoly Committee.
The receipt of the approval of Furiex’s stockholders of the proposal to
adopt the merger agreement and clearance by the Ukrainian Antimonopoly
Committee satisfy two of the conditions to consummation of the proposed
merger. The consummation of the merger remains subject to certain other
closing conditions set forth in the merger agreement and discussed in
detail in the definitive proxy statement filed with the U.S. Securities
and Exchange Commission by Furiex on June 4, 2014 and supplemented on
June 23, 2014, but is expected to occur in the near future.
About Furiex
Furiex Pharmaceuticals is a drug development collaboration company that
uses innovative clinical development design to accelerate and increase
value of drug development programs by advancing them through the drug
discovery and development process in a cost-efficient manner. Our drug
development programs are designed and driven by a core team with
extensive drug development experience. Furiex collaborates with
pharmaceutical and biotechnology companies and has a diversified product
portfolio and pipeline with multiple therapeutic candidates, including
one Phase III-ready asset, one compound in Phase III development, one
compound which is with a partner pending regulatory approval in Japan,
and four products on the market. Furiex’s mission is to develop
innovative medicines faster and at a lower cost, thereby improving
profitability and accelerating time to market while providing
life-improving therapies for patients. For more information, visit www.furiex.com.
Safe Harbor for Forward-Looking Statements
This press release, in particular statements regarding the proposed
transaction between an affiliate of Forest Laboratories, LLC (as
successor to Forest Laboratories, Inc.) and Furiex, the expected
timetable for completing the transaction, future financial and operating
results, benefits and synergies of the transaction, future opportunities
for the combined company and any other statements about Forest
Laboratories, LLC or Furiex managements’ future expectations, beliefs,
goals, plans or prospects, includes forward-looking statements that are
based on certain beliefs and assumptions and reflect the current
expectations of Furiex, Forest Laboratories, LLC, and their respective
management. Statements that are predictive in nature, that depend on or
relate to future events or conditions, or that include words such as
“believes,” “anticipates,” “expects,” “continues,” “predict,”
“potential,” “contemplates,” “may,” “will,” “likely,” “could,” “should,”
“estimates,” “intends,” “plans” and other similar expressions are
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Forward-looking statements involve known and unknown risks,
assumptions and uncertainties that may cause actual results in future
periods to differ materially from those projected or contemplated in the
forward-looking statements, and you should not place undue reliance on
these statements. Some of the factors that could cause actual results to
differ materially from current expectations are: the ability to
consummate the proposed transaction; any conditions imposed on the
parties in connection with the consummation of the proposed transaction;
the occurrence of any event, change or other circumstances that could
give rise to the termination of the agreement relating to the proposed
transaction; Furiex’s ability to maintain relationships with employees
and third parties following announcement of the proposed transaction;
the ability of the parties to satisfy the conditions to the closing of
the proposed transaction; the risk that the proposed transaction may not
be completed in the time frame expected by the parties or at all; and
the risks that are described from time to time in Furiex’s reports filed
with the SEC, including Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K, and on general industry
and economic conditions. Furiex disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Copyright Business Wire 2014