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Exhibit (a) (11)
PRESS RELEASE
For Immediate Release
January 4, 2001
CANGENE CORPORATION COMPLETES TENDER OFFER FOR
CHESAPEAKE BIOLOGICAL LABORATORIES, INC.
TORONTO & WINNIPEG, CANADA AND BALTIMORE, MARYLAND - (January 4, 2001) -
Cangene Corporation and its wholly-owned subsidiary, AC Acquisition Subsidiary,
Inc. announce today that their tender offer to purchase all outstanding shares
of common stock of Chesapeake Biological Laboratories, Inc. (Nasdaq:CBLI)
expired at 12:00 midnight, New York City time on Wednesday, January 3, 2001. AC
Acquisition Subsidiary has accepted for payment all Chesapeake Biological
Laboratories shares validly tendered and not withdrawn as of the expiration
date. Based on a preliminary count by the depositary for the offer, as of
midnight, January 3, 2001, more than 6,800,000 shares of the outstanding stock
of Chesapeake Biological Laboratories had been tendered pursuant to the tender
offer and not withdrawn (including shares tendered pursuant to a guarantee of
delivery), which represent more than 93% of Chesapeake Biological Laboratories'
total outstanding stock. Payment for the shares accepted for payment is expected
to be made promptly.
Cangene and AC Acquisition Subsidiary intend to effect the proposed merger
of AC Acquisition Subsidiary with and into Chesapeake Biological Laboratories as
of February 9, 2001. Upon completion of the merger, Chesapeake Biological
Laboratories will be a wholly owned subsidiary of Cangene.
In connection with the merger, those Chesapeake Biological Laboratories
stockholders who did not tender their shares in the tender offer will receive
$4.60 per share, net to the stockholder in cash. Chesapeake Biological
Laboratories stockholders who did not tender their shares in the offer will be
receiving materials in connection with the merger shortly. However, under
Maryland law, this merger will not require the vote of Chesapeake Biological
Laboratories' stockholders.
Cangene is one of Canada's largest and most profitable biotechnology
companies. Founded in 1984 in Mississauga, Cangene is now headquartered in
Winnipeg but carries on research and development activities in both cities. It
uses patented manufacturing processes to produce plasma-derived and recombinant
therapeutic proteins. It is also using its drug-manufacturing expertise in a
developing contract manufacturing business. Its FDA-licensed, ISO
9001-registered manufacturing facilities are located in Winnipeg. Cangene's
website, www.cangene.com, includes product and investor information, including
past news releases.
Chesapeake Biological Laboratories is a Baltimore based ISO 9001 registered
pharmaceutical and medical device developer and commercial manufacturing
services provider for parenteral and aseptic products. CBL serves a broad range
of life sciences customers, from major multi-national pharmaceutical firms to
emerging biotechnology companies and has
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contributed to the development and production of more than 125 therapeutic
products. CBL has particular expertise in providing contract-manufacturing
services for process-sensitive bio-pharmaceutical products and specializes in
services for the formulating, filling and packaging of client's sterile
injectable biopharmaceutical and pharmaceutical products.
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