Baupost, which currently owns approximately 27% of the Company's outstanding common stock, will beneficially own approximately 35% of the Company's outstanding common stock upon completion of the offering. The sale and issuance of the shares is expected to close on or about
Pursuant to a letter of agreement between the parties, the Company has agreed that Baupost, for so as long as it holds at least 25% of the Company's outstanding common stock, is entitled to observer rights with respect to meetings of the board of directors of the Company.
The securities described above are being offered directly to the purchasers by Idenix pursuant to a registration statement previously filed with and subsequently declared effective by the
This press release contains "forward-looking statements" made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements, other than statements of historical fact, regarding, without limitation, the completion, timing and size of the Company's proposed offering and the use of proceeds therefrom. In some cases, words such as "will," "expect" or other comparable words identify forward-looking statements. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various important factors, including without limitation risks and uncertainties relating to the Company's business and financial condition, general market conditions and the satisfaction of customary closing conditions associated with the proposed offering. Factors that may cause
such a difference include, without limitation, risks and uncertainties related to whether or not the Company will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed offering and the impact of general economic, industry or political conditions in
All forward-looking statements reflect the Company's views only as of the date of this release and should not be relied upon as reflecting the Company's views, expectations or beliefs at any date subsequent to the date of this release. While the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if the Company's views, expectations or beliefs change.
CONTACT: Idenix Pharmaceuticals Contact:
Teri Dahlman(617) 995-9807
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