EXHIBIT 20.1
Contact: Karen L. Bergman AL-445-092500
Patty Eisenhaur
(650) 564-5222
ALZA Exercises Option to Acquire Crescendo Pharmaceuticals
Corporation
MOUNTAIN VIEW, Calif., October 2, 2000 .... ALZA Corporation (NYSE:
AZA) and Crescendo Pharmaceuticals Corporation (Nasdaq: CNDO) today
announced that on Friday, September 29, 2000, ALZA has exercised its
option to acquire all of the outstanding shares of Crescendo Class A
common stock. The exercise price is $100 million and will be paid in
cash. Crescendo holders of record on the closing date will receive
approximately $20.27 per share. The closing date will be November
13, 2000, subject to satisfaction of any regulatory requirements.
"The decision to exercise our option at this time reflects the
significant value that has been created by Crescendo, both in terms
of the pharmaceutical products that have been developed and
commercialized, as well as products currently under development,"
said Dr. Ernest Mario, ALZA's chairman and chief executive officer.
"The integration of Crescendo and its products into ALZA represents
another major milestone in our growthtransition asto a research-
based pharmaceutical products company. We remain committed to the
earnings growth targets we have set for the year."
"We are very pleased that ALZA has chosen to exercise its
option to acquire Crescendo, demonstrating that we have attained our
corporate objective by achieving the shareholder value we set out to
create," said Dr. Gary L. Neil, Crescendo's president and chief
executive officer. "We are proud of Crescendo's involvement in the
research and development of so many important products."
Crescendo Pharmaceuticals Corporation was formed in 1997 to
select and develop new human pharmaceutical products and to
commercialize such products, most likely through licensing to ALZA.
ALZA Corporation, headquartered in Mountain View, Calif., is a
research-based pharmaceutical company with leading drug delivery
technologies. The company applies its delivery technologies to
develop pharmaceutical products with enhanced therapeutic value for
its own portfolio and for many of the world's leading pharmaceutical
companies. ALZA's sales and marketing efforts are focused on
urology, oncology and central nervous system products.
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