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EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
SYNAVANT ANNOUNCES CONVERSION OF EQUITY AWARDS
ATLANTA, GA----September 5, 2000-- SYNAVANT Inc. (Nasdaq: SNVT) reported that,
in accordance with Generally Accepted Accounting Principles and as previously
disclosed, as a result of its August 31, 2000 spin-off from IMS HEALTH
Incorporated, on September 1, 2000 it converted its employees' options and
awards relating to IMS HEALTH common stock into options and awards relating to
SYNAVANT common stock. As a result of this conversion and grants of awards to
non-employee directors, SYNAVANT employees and directors hold options and other
awards covering 7,772,109 SYNAVANT shares, an amount equal to approximately
52.4% of the outstanding class of common stock immediately after the
distribution.
On August 31, 2000, 14,832,297 shares of SYNAVANT common stock were distributed
to IMS HEALTH shareholders of record as of July 28, 2000. The distributed shares
represent all of the currently outstanding class of SYNAVANT common stock.
SYNAVANT common stock commenced regular way trading in the Nasdaq National
Market on September 1, 2000, under the symbol "SNVT".
As a result of the spin-off, SYNAVANT assumed the obligations of IMS HEALTH with
respect to options and other stock-based awards held by SYNAVANT employees at
the distribution date, with such awards being converted to SYNAVANT common
stock. The terms of the conversion were determined by reference to the ratio of
the market price of IMS HEALTH common stock immediately before the distribution
and SYNAVANT common stock immediately after the distribution. The conversion
formula was intended to preserve the intrinsic value of employees' stock options
and awards. For accounting purposes, such conversion should not result in a
compensation charge to SYNAVANT. In the case of options, the aggregate market
value of the SYNAVANT stock purchasable under each converted option immediately
after the distribution was approximately equal to the aggregate market value of
the IMS HEALTH stock purchasable under the old option immediately before the
distribution, with the aggregate exercise price of the new option being the same
as the old option (subject to rounding down to whole shares).
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The table below presents information regarding the SYNAVANT options outstanding
at September 1, 2000:
<TABLE>
<CAPTION>
WEIGHTED-AVERAGE
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SEPTEMBER 1, 2000 OPTION EXERCISE PRICES
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RANGE OF EXERCISE NUMBER NUMBER REMAINING OUTSTANDING EXERCISABLE
PRICES OUTSTANDING EXERCISABLE CONTRACTUAL
LIFE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4.81 - $6.88 133,481 121,360 5.2 YEARS $ 6.43 $ 6.43
$7.35 - $8.97 2,619,300 1,749,990 7.2 YEARS $ 7.74 $ 7.70
$9.07 - $11.42 2,468,846 205,951 9.7 YEARS $ 10.30 $ 10.07
$12.38 - $13.40 538,670 296,325 8.5 YEARS $ 12.91 $ 12.92
$13.51 - $15.14 1,948,299 648,784 9.0 YEARS $ 15.09 $ 15.09
--------- --------- --------- ---------
7,708,596 3,022,410 $ 10.76 $ 9.91
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</TABLE>
In addition, SYNAVANT converted restricted stock unit awards relating to IMS
HEALTH shares into similar awards relating to 41,216 SYNAVANT shares, and
granted 22,297 stock unit awards to non-employee directors. The 3,022,410
converted options that are currently exercisable cover shares equal to
approximately 20.4% of the outstanding class of common stock. Under SYNAVANT's
trading policies, optionees will not be permitted to exercise options until
September 18, 2000.
SYNAVANT Inc. guides biopharmaceutical and healthcare companies to greater
business success by accelerating the adoption of advances in healthcare around
the world. SYNAVANT accomplishes this by designing, building and supporting
knowledge-based solution sets that bring together leading-edge technology,
proven data management competence, a full range of specialist services and over
30 years of healthcare expertise. Solutions include Pharmaceutical Relationship
Management (PRM) and e-business applications, interactive marketing, server and
database management, dedicated local helpline support, training, telemarketing,
sample management, and product-recall services. SYNAVANT is headquartered in
Atlanta, GA, USA and has offices in 23 countries. Additional information is
available at http://www.synavant.com
Statements in this press release, and elsewhere, that look forward in time or
include anything other than historical information, involve risks and
uncertainties that could cause the actual results to differ materially from
those projected. Statements contained in this release related to projections of
compensation charges to SYNAVANT related to the conversion of options and other
stock-based awards held by SYNAVANT employees at the distribution date may be
considered "forward-looking statements," as that phrase is defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements by
the Company are subject to certain risks, including, but are not limited to, the
timing and/or delivery of new product and service offerings, customer acceptance
of new product and service offerings, potential customer uncertainty surrounding
the SYNAVANT spin-off from IMS HEALTH and/or about SYNAVANT'S
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previously announced strategic alliance with Siebel Systems, Inc., potential
fluctuation in the estimate of the recurring costs of operating as a standalone
company, and market conditions, among others. These, and other, risks and
uncertainties are discussed in more detail in the Company's Form 10, which was
filed with the Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended.
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CONTACT:
Emma Gonzalez
Director, Investor Relations
SYNAVANT Inc.
(404) 841-4130
or
Chris Garland
Ketchum
(404) 879-9112
