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EXHIBIT 99.2
CONTACT:
Tim Lynch
Chief Financial Officer
InterMune Pharmaceuticals, Inc.
(650) 409-2028
Burns McClellan
Jonathan M. Nugent (investors)
Justin Jackson (media)
212-213-0006
INTERMUNE ANNOUNCES $76 MILLION PRIVATE
PLACEMENT OF COMMON STOCK
BURLINGAME, CALIF. -- AUGUST 17, 2000 -- InterMune Pharmaceuticals, Inc.
(Nasdaq: ITMN) announced today that it has entered into definitive purchase
agreements to sell two million shares of newly issued common stock at a price
of $38 per share to selected institutional and private investors. InterMune
intends to use the net proceeds to augment its drug development programs, and
for acquisitions and general corporate purposes. Prudential Vector Healthcare
Group, a unit of Prudential Securities Incorporated, acted as lead placement
agent. Lehman Brothers and UBS Warburg LLC acted as co-placement agents.
"We are planning to use these funds to expand our ACTIMMUNE-Registered
Trademark- commercialization efforts into Canada and Japan and to augment our
drug development pipeline through the acquisition or in-licensing of new
programs or products," stated W. Scott Harkonen, M.D., InterMune's President
and Chief Executive Officer.
A resale registration statement relating to any future resales of the newly
issued shares will be filed with the Securities and Exchange Commission
(SEC). These securities may not be sold nor may offers to buy be accepted
prior to the time that the registration statement becomes effective. This
news release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such State.
Any offering of ITMN securities under the resale registration statement will
be made only by means of a prospectus.
-more-
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InterMune Pharmaceuticals, Inc. is a biotechnology company dedicated to the
development and commercialization of innovative products for the treatment of
serious pulmonary, infectious and congenital diseases. InterMune currently
markets ACTIMMUNE-Registered Trademark- (Interferon gamma-1b) Injection in
the United States for the treatment of chronic granulomatous disease (CGD)
and severe, malignant osteopetrosis. For more information about InterMune and
ACTIMMUNE-Registered Trademark-, please visit InterMune's web sites at
WWW.INTERMUNE.COM and WWW.ACTIMMUNE.COM, or send e-mail to [email protected].
Except for the historical information contained herein, this press release
contains certain forward-looking statements that involve risks and
uncertainties. All forward-looking statements and other information included
in this press release are based on information available to InterMune as of
the date hereof, and InterMune assumes no obligation to update any such
forward-looking statements or information. InterMune's actual results could
differ materially from those described in InterMune's forward-looking
statements. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed under the heading "Risk
Factors" and the risks and factors discussed in InterMune's Registration
Statement on Form S-1 declared effective on March 23, 2000 by the Securities
and Exchange Commission (File No. 333-96029) and InterMune's most recent 10-Q
filed with the SEC. In sum, these significant risks include, but are not
limited to: the success of InterMune's efforts in research, development,
commercialization, product acceptance, third-party manufacturing and capital
raising; product liability lawsuits; uncertainties associated with: obtaining
and enforcing patents important to its business, being an early-stage company
and relying on third-party payors' reimbursement policies; the lengthy and
expensive regulatory process and competition from other products. Even if
InterMune's products appear promising at an early stage of development, they
may not reach the market for a number of reasons. Such reasons include, but
are not limited to, the possibilities that the potential products will be
found ineffective during clinical trials, fail to receive the necessary
regulatory approvals, be difficult to manufacture on a large scale, be
uneconomical to market or be precluded from commercialization by the
proprietary rights of third parties.
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