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SCIOS INC.
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(Name of Registrant as specified in its charter)
RANDAL J. KIRK
RJK, L.L.C.
KIRKFIELD, L.L.C.
THE KIRK FAMILY INVESTMENT PLAN
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PRESS RELEASE
Media Contact: Caroline Gentile/Robert Siegfried
Kekst and Company
212-521-4800
Investor Contact: Corporate Investor Communications
877-842-2404
RANDAL J. KIRK, MAJOR SCIOS STOCKHOLDER,
PREPARED TO MEET WITH SCIOS BOARD FORTHWITH
-- URGES SCIOS TO BE CONCERNED WITH STOCKHOLDER VALUE RATHER
THAN THE HYPING OF THE 'CREDENTIALS OF ITS BOARD MEMBERS --
RADFORD, VA, JANUARY 20, 2000 -- Randal J. Kirk, a major stockholder of
Scios Inc. (NASDAQ: SCIO), today stated, "In response to my proposal to
build Scios stockholder value, both over the immediate-and-long-term, I am
pleased that the Scios Board has accepted my offer to meet and has
committed, according to its own communications to stockholders, to do so
'as soon a meeting can be arranged'. For my part, I am prepared and
available to meet immediately with the Scios Board so that, working
together, there can be in place, for a change, a bona fide feasible plan to
achieve stockholder value at Scios. There is absolutely no reason, if the
Scios Board is really sincere, that such a meeting cannot be arranged
forthwith.
"I am not surprised at the attempted public relations spin by Scios'
Chairman Donald Rice and its CEO Richard Brewer that the incumbent Scios
Board should be re-elected over the slate of nominees I am proposing
because of its 'impressive credentials', which are debatable. The fact is,
that, under this ostensibly stellar Board, Scios' stock trades in the $5.00
range, has lost approximately 58% of its market value since last May, and
has failed to commercialize a single product, including Natrecor, for which
it failed to obtain FDA approval last Spring.
"I do find it odd, however, that Scios' Board finds it necessary 'to spend
corporate assets' to 'protect' its stockholders against my actions, given
my good-faith offer to meet with them and reach a compromise. All I seek
from my compromise offer is to create stockholder value for all of Scios'
stockholders and to be assured that such a compromise will be carried out
through minority Board representation. It is a board's duty to serve its
stockholders and act in their best interest. Given this Board's treatment
of me, as Scios' largest stockholder, I question whether this Board is
fulfilling its duty.
"I hope that the meeting will be about performance and not about the
supposedly illustrious pasts of the incumbent Board and I shall attend the
meeting with the expectation that the Board is ready to talk seriously
about how to unlock the currently hidden value of Scios. The company has
such outstanding potential but the current share price proves that that
potential is not being realized under any currently active management
plan," Mr. Kirk said.
