Mgi Pharma Inc - Written communication by the subject company relating to a third party tender offer (SC14D9C)
10 Diciembre 2007 - 4:27PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14D-9
SOLICITATION/RECOMMENDATION STATEMENT UNDER
SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934
MGI PHARMA, INC.
(Name of Subject Company)
MGI PHARMA, INC.
(Name of Persons Filing Statement)
Common Stock, Par Value $0.01 per share
(including the associated preferred stock purchase rights)
(Title of Class of Securities)
552880106
(CUSIP Number of Class of Securities)
Eric P. Loukas
Executive Vice President, Chief Operating Officer,
General Counsel and Corporate Secretary
MGI PHARMA, INC.
5775 Shakopee Road, Suite 100
Bloomington, Minnesota 55437-3174
(952) 346-4700
(Name, address and telephone numbers of person authorized to receive notice and
communications on behalf of the persons filing statement)
Copies to:
Asher M. Rubin
Glenn C. Campbell
William I. Intner
Hogan & Hartson LLP
111 S. Calvert Street Suite 1600
Baltimore, Maryland 21202
(410) 659-2700
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Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender
offer.
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The following is a copy of a joint press release issued by Eisai Co. Ltd. and MGI PHARMA, INC. on
December 10, 2007.
EISAI TO ACQUIRE MGI PHARMA FOR $41 PER SHARE IN AN ALL CASH TRANSACTION
Tokyo, Japan, and Bloomington, MN, December 10, 2007
Eisai Co., Ltd. (TSE: 4523.JP) (Eisai), a
research-based
human health care (hhc)
company that focuses on neurology, gastrointestinal
disorders, oncology and critical care, and MGI PHARMA, Inc. (NASDAQ: MOGN) (MGI PHARMA), an
oncology and acute care focused biopharmaceutical company, today announced that they have entered
into a definitive merger agreement under which Eisai would acquire all of the outstanding shares of
MGI PHARMA for US$41.00 per share in an all-cash transaction, for a total consideration of
approximately $3.9 billion.
The merger agreement has been unanimously approved by the MGI PHARMA Board of Directors. The
acquisition is expected to occur by means of a tender offer followed by a cash merger, is subject
to customary closing conditions and regulatory approvals, and is expected to be completed during
the first quarter of 2008.
Eisai expects MGI PHARMAs marketed and pipeline products in oncology and acute care, as well as
its R&D and commercial capabilities, including field sales specialists, together with Eisais
existing oncology products, global infrastructure and R&D capabilities, will create a base for
continued sales growth, pipeline enhancement and the opportunity for synergies. Eisai expects that
this transaction will enable it to grow further in the U.S. market and strengthen its
already-focused oncology business platform. Following the completion of the transaction, Eisai
anticipates that the transaction will be accretive to its cash EPS (excluding goodwill
amortization) in fiscal year 2008 and GAAP EPS in fiscal 2009.
The Board of Directors of MGI PHARMA, working with our legal and financial advisors, has been
reviewing strategic alternatives for the company for the past several months, said Mr. Lonnie
Moulder, President and CEO of MGI PHARMA. During that time, we have had the opportunity to share
the MGI PHARMA vision and business opportunity with many of the leading companies in the
pharmaceutical and biotechnology industry. This transaction represents the successful conclusion of
that process. Our Board of Directors and the management team are extremely pleased to announce this
transaction and the opportunity to continue to bring important therapies to patients.
Mr. Haruo Naito, President and CEO of Eisai, said, Eisai has enormous respect for MGI PHARMAs
products, pipeline and people, and we look forward to working with their highly skilled team to
address the unmet medical needs of patients throughout the world. Strategically, we expect this
transaction to allow Eisai to significantly strengthen its oncology business and increase the
likelihood of achieving our current strategic plan targets and our future revenue and earnings
growth.
Under Eisais Dramatic Leap Plan (DLP), its fifth midterm strategic plan which spans from April
1, 2006 to March 31, 2012, Eisai has continued to achieve steady growth in all regions, including
Japan, the United States, Europe and Asia, with a special focus on integrative oncology, where
tremendous unmet medical needs exist. Eisai has strengthened its oncology research and development
and marketing infrastructure in the United States through the October 2006 acquisition of four
oncology products and specialists know-how from Ligand Pharmaceuticals and the April 2007
acquisition of Morphotek, Inc, a biopharmaceutical company specializing in the development of
protein and antibody gene evolution technology. In addition, Eisai is building a new oncology
facility for manufacturing and formulation R&D at its North Carolina site.
The Transaction
The acquisition is structured as an all cash tender offer for all outstanding shares of MGI PHARMA
common stock followed by a merger in which each remaining share of MGI PHARMA would be converted
into the same US$41.00 cash per share price paid in the tender offer, except for shares held by
stockholders who exercise appraisal rights. The acquisition is subject to the satisfaction of
customary conditions, including the tender of a majority of the outstanding MGI PHARMA shares on a
fully-diluted basis and the expiration or earlier termination of the Hart-Scott-Rodino waiting
period and other regulatory approvals. The tender offer will be subject to the U.S. securities laws
and applicable U.S. state laws.
To effect the transaction Eisai has established an acquisition subsidiary Jaguar Acquisition Corp.,
which is wholly-owned by Eisai Corporation of North America (Woodcliff Lake, NJ). Subsequent to
the completion of the tender offer, Jaguar Acquisition Corp. will be merged into MGI PHARMA and the
combined entity will then become a wholly-owned subsidiary of Eisai Corporation of North America.
Eisai intends to finance the acquisition through existing internal financial resources, as well as
bank loan financing, and has secured commitment for the debt required to consummate the
transaction.
The acquisition price represents a premium of approximately 38.7% to MGI PHARMAs closing share
price of $29.55 on November 28, 2007, the last business day prior to MGI PHARMAs announcement that
it was exploring strategic alternatives.
The acquisition will be effected pursuant to a merger agreement. The merger agreement contains
certain termination rights for each of MGI PHARMA and Eisai and further provides that, upon
termination of the merger agreement under specified circumstances, MGI PHARMA may be required to
pay Eisai a termination fee of $129 million.
JPMorgan acted as exclusive financial advisor to Eisai, and Sullivan & Cromwell LLP is acting as
legal counsel to Eisai. Lehman Brothers, Inc. acted as exclusive financial advisor to MGI PHARMA
in its review of strategic alternatives, and Hogan & Hartson LLP is acting as legal counsel to MGI
PHARMA.
Important Additional Information Will be Filed with the Securities and Exchange Commission (SEC)
The tender offer described in this news release has not yet commenced, and this news release is
neither an offer to purchase nor a solicitation of an offer to sell shares of MGI PHARMAs common
stock. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER STATEMENT AND THE
SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. The tender offer statement will be filed by Jaguar
Acquisition Corp. with the SEC, and the solicitation/recommendation statement will be filed by MGI
PHARMA with the SEC. Investors and security holders may obtain a free copy of these statements
(when available) and other documents filed by such subsidiary or MGI PHARMA with the SEC at the
website maintained by the SEC at
www.sec.gov
. The tender offer statement and related materials,
solicitation/recommendation statement, and such other documents may be obtained for free by
directing such requests to Georgeson, Inc., the information agent for the tender offer, at
1-212-440-9800 for banks and brokers or 1-888-605-7543 for all others.
About Eisai Co., Ltd.
Eisai Co., Ltd. is a research-based
human health care
(
hhc
) company that discovers, develops and
markets products throughout the world. Eisai focuses its efforts in three therapeutic areas:
integrative neuroscience, including neurology and psychiatric medicines; gastrointestinal
disorders; and integrative oncology, including oncotherapy and supportive-care treatments. Through
a global network of research facilities, manufacturing sites and marketing affiliates, Eisai
actively participates in all aspects of the worldwide healthcare system. Eisai forecasts group
sales of 739 billion yen in FY2007. More than 50% of the group sales are derived from businesses
outside of Japan.
About Eisai Corporation of North America
Eisai Corporation of North America is a wholly-owned subsidiary of Eisai Co., Ltd. and supports the
activities of its operating companies in North America. These operating companies include: Eisai
Research Institute of Boston, Inc., a discovery operation with strong organic chemistry
capabilities; Morphotek
®
, Inc., a biopharmaceutical company specializing in the development of
therapeutic monoclonal antibodies; Eisai Medical Research Inc., a clinical development group; Eisai
Inc., a commercial operation with manufacturing and marketing/sales functions; and Eisai Machinery
U.S.A., which markets and maintains pharmaceutical manufacturing machinery.
About MGI PHARMA
MGI PHARMA, INC. is a biopharmaceutical company focused in oncology and acute care that acquires,
researches, develops, and commercializes proprietary products that address the unmet needs of
patients. MGI PHARMA markets Aloxi
®
(palonosetron hydrochloride) Injection,
Dacogen
®
(decitabine) for Injection, and Gliadel
®
Wafer
(polifeprosan 20 with carmustine implant) in the United States. MGI PHARMA directly markets its
products in the U.S. and collaborates with partners to reach international markets. For more
information about MGI PHARMA, please visit www.mgipharma.com.
Safe Harbor Statement
Certain statements contained in this news release, including without limitation expectations as to
future sales and operating results, constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press
release include statements regarding the anticipated benefits of the transaction; statements
regarding the anticipated timing of filings and approvals relating to the transaction; statements
regarding the expected timing of the completion of the transaction; and any statements of
assumptions underlying any of the foregoing. Words such as expects, anticipates, believes,
plans, intends, estimates, projects, forecasts, outlook, and similar expressions are
also intended to identify forward-looking statements. The statements involve known and unknown
risks, uncertainties, and other factors which may cause the companys actual results, earnings,
performance, or achievements to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking statements. Such factors include, but are
not limited to, the following: general industry and market conditions, general domestic and
international economic conditions such as interest rate and currency exchange fluctuations,
technological advances and patents attained by competitors, challenges inherent in new product
development and clinical trials, claims and concerns about product safety and efficacy, obtaining
regulatory approvals, domestic and foreign healthcare reforms, trends toward managed care and
healthcare cost containment, laws and regulations affecting domestic and foreign operations,
inability to build production capacity to meet demand, unavailability of raw materials, and failure
to gain market acceptance or third-party consents. Risks and uncertainties that could cause
results to differ from expectations also include: uncertainties as to the timing of the tender
offer and merger; uncertainties as to how many MGI PHARMA stockholders will tender their stock in
the offer; the risk that competing offers will be made; and the possibility that various closing
conditions for the transaction may not be satisfied or waived, including that a governmental entity
may prohibit, delay or refuse to grant approval for the consummation of the transaction. We will
not undertake and specifically decline any obligation to update or correct any forward-looking
statements to reflect events or circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
Inquiries:
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For Eisai:
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For MGI
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Investors:
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PHARMA:
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In Japan
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Akira Fujiyoshi
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Timothy J. Smith
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Vice President, Corporate
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Investor Relations
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Communications & Investor Relations
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MGI PHARMA, Inc.
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Eisai Co., Ltd.
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952-406-3100
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+81-3-3817-5120
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In the US
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Investors:
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Robert Feeney
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Director, Investor and Government
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Relations
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Eisai Corporation of North America
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201-746-2069
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Media:
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Judee Shuler
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Director, Corporate Planning &
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Communications
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Eisai Corporation of North America
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201-746-2241
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Sard Verbinnen & Co.
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Jim Barron/Susan Burns/Victoria
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Hofstad
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212-687-8080
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The following is a copy of a presentation to employees of MGI PHARMA, INC. on December 10, 2007.
December 10, 2007
Eisai
&
MGI PHARMA, INC.
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Important Additional Information
Will be Filed with the Securities and
Exchange Commission ("SEC")
The tender offer described in this news release has not yet
commenced, and this news release is neither an offer to
purchase nor a solicitation of an offer to sell shares of MGI
PHARMA's common stock. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ BOTH THE TENDER
OFFER STATEMENT AND THE
SOLICITATION/RECOMMENDATION STATEMENT
REGARDING THE TENDER OFFER WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. The tender offer statement will be filed by a
Jaguar Acquisition Corp. with the SEC, and the solicitation/
recommendation statement will be filed by MGI PHARMA with
the SEC. Investors and security holders may obtain a free copy
of these statements (when available) and other documents filed
by a subsidiary of Eisai or MGI PHARMA with the SEC at the
website maintained by the SEC at http://www.sec.gov/ The
tender offer statement and related materials,
solicitation/recommendation statement, and such other
documents may be obtained for free by directing such requests
to Eisai
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Safe Harbor Statement
Certain statements contained in this news release, including without limitation expectations as to
future sales and operating results, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release
include statements regarding the anticipated benefits of the transaction; statements regarding the
anticipated timing of filings and approvals relating to the transaction; statements regarding the
expected timing of the completion of the transaction; and any statements of assumptions underlying
any of the foregoing. Words such as "expects," "anticipates," "believes," "plans," "intends,"
"estimates," "projects," "forecasts," "outlook," and similar expressions are also intended to identify
forward-looking statements. The statements involve known and unknown risks, uncertainties, and
other factors which may cause the company's actual results, earnings, performance, or achievements
to be materially different from any future results, performance, or achievements expressed or implied
by such forward-looking statements. Such factors include, but are not limited to, the following: general
industry and market conditions, general domestic and international economic conditions such as
interest rate and currency exchange fluctuations, technological advances and patents attained by
competitors, challenges inherent in new product development and clinical trials, claims and concerns
about product safety and efficacy, obtaining regulatory approvals, domestic and foreign healthcare
reforms, trends toward managed care and healthcare cost containment, laws and regulations affecting
domestic and foreign operations, inability to build production capacity to meet demand, unavailability
of raw materials, and failure to gain market acceptance or third-party consents. Risks and
uncertainties that could cause results to differ from expectations also include: uncertainties as to the
timing of the tender offer and merger; uncertainties as to how many MGI PHARMA stockholders will
tender their stock in the offer; the risk that competing offers will be made; and the possibility that
various closing conditions for the transaction may not be satisfied or waived, including that a
governmental entity may prohibit, delay or refuse to grant approval for the consummation of the
transaction. We will not undertake and specifically decline any obligation to update or correct any
forward-looking statements to reflect events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
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7
Overview of the Eisai Transaction
Overview of the offer
$41 per share, transaction value approximately $3.923 billion
Premium :
A premium of 38.7 % on $29.55, closing price as of November
29, 2007, the day before MGI PHARMA, INC. announced
strategic alternatives
A premium of 37.0% on $29.92, average closing price in last 3
months until December 7, 2007
Expect tender offer to commence mid December 2007
The acquisition is expected to complete during January - March in
2008
Transaction has been unanimously approved by the MGI
PHARMA's Board of Directors
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Eisai
Eisai Co., Ltd. is a research-based human health
care (hhc) company that discovers, develops and
markets pharmaceutical products throughout the
world. The company has a global network of
research facilities, manufacturing sites and marketing
subsidiaries and employs more than 9,000 people
worldwide.
Eisai's human health care mission is to put patients
and their families first by satisfying unmet medical
needs.
The company focuses its efforts in the following
areas: neurology, gastrointestinal disorders,
oncology and critical care.
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Eisai (North America)
Eisai Inc., was established in 1995 and has rapidly
grown to become a top-20 pharmaceutical company
with sales of approximately $2.6 billion in fiscal year
2006 (year ended March 31, 2007).
Eisai Research Institute of Boston, Inc. (Andover, MA) -
drug discovery and process research
Morphotek(r), Inc. (Exton, PA) - discovery and development
of monoclonal antibodies for oncology, inflammatory and
infectious diseases
Eisai Medical Research Inc. (Ridgefield Park, NJ) - clinical
research for new medications and new indications for
existing products
Eisai Inc. (Woodcliff Lake, NJ) - pharmaceutical
manufacturing and marketing/sales functions. (Research
Triangle Park, NC) - pharmaceutical production and
formulation research and development facility.
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Eisai
Eisai has a robust pipeline that includes compounds in
development for:
GI - irritable bowel syndrome, acid reflux disease, and
inflammatory bowel disease
Neurology - epilepsy, Parkinson's disease, multiple sclerosis
and neuropathic pain
Oncology/Critical Care - breast cancer, non-small cell lung
cancer, prostate cancer, sarcoma, and severe sepsis
Eisai MGI PHARMA
Oncology Discovery
Oncology Development Oncology Development
Oncology Commercialization Oncology Commercialization
Acute Care Development Acute Care Development
Acute Care Commercialization
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Rich Oncology Pipeline
Oncotherapy
Supportive care
Stage
MGI PHARMA
MGI PHARMA
EISAI
E7080 VEGF receptor
tyrosine kinase inhibitor
E7070 Cell Cycle G1 Phase
Targeting Agent
E7974 Hemiasterlin Type
Tubulin Polymerization Inhibitor
E7389 Microtubule Growth
Suppressor, NSCLC (combination)
MORAb-009
Anti Mesothelin mAb
E7107
RNA Splicing Modulator
E7820 Alpha-2 Integrin
Expression Inhibitor
MORAb-003 Anti Folate
Receptor Alpha mAb
E7389 Microtubule Growth
Suppressor, Breast cancer
(3rd line, Subpart H)
Prostate cancer, Sarcoma
E7389 Microtubule Growth
Suppressor, Breast cancer
(2nd line & 3rd line)
Phase I
Phase III
Phase II
Submitted
Amolimogene
HPV Therapeutic DNA Vaccine
Irofulven
Semi-synthetic Derivative of
Toxin Illudin S
Dacogen(r)
MDS EORTC (Survival data)
Dacogen(r)
Acute Myeloid Leukemia
ZYC300
Cancer Therapeutic DNA Vaccine against CYP1B1
SaforisTM
Oral Mucositis
Aloxi(r) Oral CINV
Aquavan(r)
Procedural Sedation for
Minor Surgery/Diagnostic
AKR-501
ITP
E6201*
Proliferation Signal Blocker
*: Phase I in preperation
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Oncotherapy
Launched
Prialt(r)
Severe Chronic
Pain Agent
Fragmin(r)
Anti-clotting
EISAI
MGI PHARMA
Dacogen(r)
DNA methyltransferase
inhibitor
Gliadel(r) Wafer
Biocompatible
Polymer With BCNU
MGI PHARMA
Aloxi(r)
Chemotherapy Induced
Nausea & Vomiting
EISAI
ONTAK(r)
CD25 positive cutaneous
T-cell lymphoma
Targretin(r)
(Capsule & Gel)
Cutaneous T-cell lymphoma
Rich Product Line with Oncology and
Supportive Care Products
Supportive care
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Mr. Haruo Naito, President and CEO of Eisai,
said,
"Eisai has enormous respect for MGI PHARMA's
products, pipeline and people, and we look
forward to working with their highly skilled team
to address the unmet medical needs of patients
throughout the world.
Strategically, we expect this transaction to allow
Eisai to significantly strengthen its oncology
business and increase the likelihood of achieving
our current strategic plan targets and our future
revenue and earnings growth."
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Vision
Culture
Strategy
Integration
Questions?
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December 10, 2007
Eisai
&
MGI PHARMA, INC.
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Notice to Investors
The information contained in this filing is neither an offer
to purchase nor a solicitation of an offer to sell shares of MGI PHARMA. MGI PHARMA stockholders are urged to read
the relevant tender offer documents when they become available because they will contain important information that
stockholders should consider before making any decision regarding tendering their shares. At the time the offer is
commenced, Eisai will file tender offer materials with the U.S. Securities and Exchange Commission, and MGI PHARMA
will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the offer.
The tender offer
materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) and
the Solicitation/Recommendation Statement will contain important information, which should be read carefully
before any decision is made with respect to the tender offer
. The Offer to Purchase, the related Letter of
Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement, will be
made available for free at the U.S. Securities and Exchange Commission's web site at www.sec.gov, at MGI
PHARMAs website at
www.mgipharma.com
, and from Georgeson, Inc., Eisais information agent for the
tender offer, at 1-212-440-9800 for banks and brokers or 1-888-605-7543 for all others.
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