BRIDGEWATER, NJ – January 27, 2010 – Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) (“Enzon”) announced that at a special meeting held this morning, its stockholders approved the sale of Enzon’s specialty pharmaceutical business to the sigma-tau Group (“sigma-tau”).
Enzon’s specialty pharmaceutical business includes four marketed products, Oncaspar®, Adagen®, DepoCyt®, and Abelcet®, as well as a manufacturing facility in Indianapolis, Indiana.
As previously announced, Enzon has entered into a definitive agreement to sell its specialty pharmaceutical business to sigma-tau for $300 million plus an additional amount of up to $27 million based on success milestones. Enzon will also receive royalties of 5 to 10 percent on incremental net sales above a 2009 baseline amount from Enzon’s four marketed specialty pharmaceutical products through 2014.
The asset sale is expected to be completed later this week.
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