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Filed pursuant to Rule 424(b)(3)
Registration Statement 333-22401
AMENDMENT TO PROSPECTUS
(To Prospectus dated March 24, 1997)
3,489,301 Shares
CHIREX INC.
Common Stock
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RECENT DEVELOPMENTS
On April 9, 1997, the Company announced the sale of its acetaminophen
business, including related intellectual property, to the French pharmaceutical
company, Rhone-Poulenc Chimie S.A. ("RPC") pursuant to an Asset Purchase
Agreement between the Company, ChiRex Ltd. and RPC dated April 2, 1997 (the
"APAP Agreement"). Under the terms of the APAP Agreement, the Company will
continue to manufacture acetaminophen (also known as paracetamol or APAP) for
RPC pursuant to a Supply Agreement for a period to effect a seamless transfer of
customers. In addition, the parties are seriously exploring opportunities to
develop a partnership whereby the Company and RPC will jointly develop and the
Company will manufacture intermediate and active ingredients for RPC.
In connection with the sale, the Company expects to receive total net
proceeds of $6.3 million, of which $4.1 million has been received, with the
balance being paid over three years subject to certain conditions. The Company
will record a second quarter charge of $4.4 million (approximately 5.0% of
networth) or $0.39 per share in connection with the sale including: (i) a net
asset write-off of $5.6 million, (ii) severance and restructuring of $3.1
million offset by, (iii) net after-tax proceeds of $4.2 million.
On April 11, 1997, the Company filed a Current Report on Form 8-K with the
Securities and Exchange Commission relating to the disposition of its
acetaminophen business.
The date of this Amendment to Prospectus is April 25, 1997.
