Tanox, Inc. (NASDAQ: TNOX) (the "Company") announced January 15 that its stockholders have voted to adopt the merger agreement providing for the merger of the Company and a wholly owned subsidiary of Genentech, Inc. (NYSE: DNA), at the Company's special meeting of stockholders held today in Houston, Texas.
Approximately 34.2 million shares of common stock were voted at the special meeting in favor of the adoption of the merger agreement, representing about 75.5 percent of Tanox's total outstanding shares and 99.9 percent of the number of shares voted at the meeting. Adoption by the affirmative vote of the holders of a majority of shares of our common stock outstanding on the record date was required.
Under the terms of the merger agreement, promptly following the closing of the merger, Tanox stockholders would receive $20.00 in cash, without interest, for each share of Tanox common stock held. This represents a premium of approximately 47% over the last trading day before the proposed merger was announced and a 51% premium over the average share price over the 90 days before the proposed merger was announced.
The transaction is anticipated to close in the first quarter of 2007.
Tanox specializes in the discovery and development of biotherapeutics. Utilizing monoclonal antibody technology, we develop innovative therapies for the treatment of immune-mediated diseases, inflammation, infectious disease and cancer. Its first-approved drug, Xolair® (omalizumab), is the first anti-IgE antibody to be brought to market. lead investigational product, TNX-355, is a humanized antibody to treat HIV and AIDS.
Tanox president and CEO is Danong Chen, Ph.D., MBA, since February 1, 2006.