Enzon Sets Special Meeting of Stockholders (NASDAQ:ENZN)

Enzon Pharmaceuticals Inc (NASDAQ:ENZN) has announced that they have set Wednesday, January 27, 2010 as the date of the special meeting of stockholders to vote on the proposed sale of its specialty pharmaceutical business to the sigma-tau Group. Enzon’s proxy materials are being distributed to all stockholders entitled to vote at the meeting. Stockholders of record at the close of business on December 7, 2009 are entitled to vote at the special meeting, which will be held at the Helmsley Park Lane Hotel in New York, New York at 11:00 a.m. Eastern Standard Time.

Enzon Pharmaceuticals, Inc is one of the leading biopharmaceutical companies dedicated to the development, manufacturing, commercialization of important medicines for patients with cancer and other life-threatening conditions. Enzon also engages in contract manufacturing for several pharmaceutical companies to broaden the Company’s revenue base. The Company’s drug development programs utilize several cutting-edge approaches, including its industry-leading PEGylation technology platform used to create product candidates with benefits such as reduced dosing frequency and less toxicity.

As announced earlier, Enzon has entered into a definitive deal to sell its specialty pharmaceutical business to the sigma-tau Group for $300 million plus an additional amount of up to $27 million based on success milestones. As per the agreement the Company will also receive royalties of 5 to 10 percent on incremental net sales above a 2009 baseline amount from Enzon’s four marketed specialty pharmaceutical products (Oncaspar, DepoCyt, Abelcet and Adagen) through 2014. The Company expects to close the deal shortly after this special meeting.