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EXHIBIT 99.1
For more information:
Investor Relations Press Relations
Jim DeNike Jennifer Reinhard
Corixa Corporation FitzGerald Communications Inc.
206.754.5716 415.986.9500
[email protected] [email protected]
FOR IMMEDIATE RELEASE
CORIXA AND COULTER COMPLETE MERGER TO FORM
COMPREHENSIVE IMMUNOTHERAPY COMPANY
SEATTLE, DECEMBER 22, 2000 -- Corixa Corporation (Nasdaq: CRXA), a research- and
development-based biotechnology company, today announced the completion of the
merger between Corixa and San Francisco-based Coulter Pharmaceutical, Inc.
following stockholder votes at both company meetings. The merger combines
Corixa's antigen discovery and immunotherapeutic product development expertise
with Coulter's therapeutic antibodies and targeted oncologics platforms to
develop therapies for the treatment or prevention of autoimmune diseases, cancer
and infectious diseases. The merged company, which will operate under the Corixa
Corporation name, creates a comprehensive, turnkey immunotherapy company focused
on discovering antigens, developing them into products and taking those products
to market.
The combined Corixa and Coulter product portfolio includes two late stage
products for which Biologic License Applications (BLAs) have been filed or are
in preparation: Bexxar(TM) (tositumomab, iodine I 131 tositumomab) and Melacine,
respectively. Corixa now has a combined product pipeline that includes 16
programs in clinical development and 22 preclinical programs, as well as 16
corporate partnerships. The BLA for Bexxar, a radioimmunotherapy comprised of a
monoclonal antibody conjugated to a radioisotope, was received by the U.S. Food
and Drug Administration (FDA) on September 15, 2000, and subsequently assigned
six-month priority review status. On November 14, 2000, the FDA accepted the BLA
for review. Also part of the combined pipeline of potential products are
Melacine(R), Corixa's therapeutic cancer vaccine; MPL(R), Corixa's widely
partnered vaccine adjuvant that is sold on a named-patient basis in Germany for
the treatment of allergies; and PVAC(TM), Corixa's clinical stage immunotherapy
for psoriasis.
On October 16, 2000, Corixa announced the signing of a definitive agreement to
acquire all outstanding shares of Coulter in a stock-for-stock merger. Coulter
shareholders will receive 1.003 shares of Corixa common stock for each share of
Coulter common stock currently outstanding. Based on the closing price of Corixa
common stock and the number of Coulter shares outstanding, the transaction was
valued at approximately $570 million. The transaction is intended to qualify as
a tax-free reorganization and will be accounted for as a purchase.
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"Today's announcement represents a significant step for Corixa in its pursuit of
becoming the leading immunotherapy company," said Steven Gillis, chairman and
chief executive officer of Corixa. "Coulter's expertise in therapeutic antibody
research, as is evident in the successful clinical development of Bexxar,
further strengthens Corixa's research capabilities, broadens our product
pipeline and enables us to bring more immunotherapy products to market faster
than ever before. We are pleased that both companies' stockholders endorsed the
transaction and we look forward to completing the integration and to continuing
our progress in the laboratory, clinic and the marketplace."
Corixa plans to integrate Corixa's existing Redwood City, Calif. facility with
Coulter's South San Francisco operations. The combined company now has
approximately 525 employees, located in Seattle, Hamilton, Mont., and South San
Francisco. On November 27, Corixa also confirmed in a press release the
composition of its board of directors and management team (see press release
entitled "Corixa and Coulter Provide Program and Operations Update on Merger" in
the news and events section of Corixa's Web site at www.corixa.com).
ABOUT CORIXA
Corixa is a research- and development-based biotechnology company committed to
treating and preventing autoimmune diseases, cancer and infectious diseases by
understanding and directing the immune system. Corixa is focused on
immunotherapeutic products and has a broad technology platform enabling both
fully integrated vaccine design and the use of its separate, proprietary vaccine
components on a standalone basis. Corixa currently has 16 programs in clinical
development and 22 programs in preclinical development, including its most
advanced product candidate, Bexxar(TM), a monoclonal antibody conjugated to a
radioisotope.
The company partners with numerous developers and marketers of pharmaceuticals
and diagnostics, targeting products that are Powered by Corixa(TM) technology
with the goal of making its potential products available to patients around the
world. Corixa was founded in 1994 and is headquartered in Seattle, Wash., with
additional operations in Hamilton, Mont. and Redwood City, Calif. and South San
Francisco, Calif. For more information, please visit Corixa's website at
www.corixa.com or call the company's investor relations information line at
1-877-4CORIXA or 1.877.426.7492.
FORWARD-LOOKING STATEMENTS
Except for the historical information presented, certain matters discussed in
this press release are forward-looking statements. Forward-looking statements
are based on the opinions and estimates of management at the time the statements
are made. They are subject to certain risks and uncertainties that could cause
actual results to differ materially from any future results, performance or
achievements expressed or implied by such statements. Factors that could affect
Corixa's actual results include, but are not limited to the "Factors Affecting
Our Operating Results, Our Business and Our Stock Price," described in our
Quarterly Report on Form 10-Q/A filed on November 7, 2000 and our Registration
Statement on Form S-4/A filed on November 17, 2000, copies of which are
available on our Web site, www.corixa.com. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date of this release.
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