BVF Acquisition LLC Extends Avigen Tender Offer to April 3, 2009
March 06 2009 - 6:59PM
PR Newswire (US)
NEW YORK, March 6 /PRNewswire/ -- BVF Acquisition LLC (the
"Purchaser"), an affiliate of Biotechnology Value Fund L.P.
("BVF"), which has commenced a cash tender offer to purchase all of
the outstanding shares of Avigen, Inc. (NASDAQ:AVGN) ("Avigen") for
$1.00 per share, announced today that it has extended the
expiration date for the tender offer to 6:00 p.m., New York City
time, on Friday, April 3, 2009. The tender offer was previously set
to expire at 6:00 p.m., New York City time, on Friday, March 6,
2009. As of the close of business on March 6, 2009, a total of
2,854,626 shares, including shares tendered by guaranteed delivery,
had been tendered in and not withdrawn from the offer, which
together with the shares owned by BVF and affiliates, represents
approximately 39.2% of the total shares outstanding of Avigen.
MacKenzie Partners, Inc. is the Information Agent for the tender
offer and any questions or requests for the Offer to Purchase and
related materials with respect to the tender offer or the special
meeting may be directed to MacKenzie Partners, Inc. THIS PRESS
RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO
BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE
SOLICITATION AND THE OFFER TO BUY AVIGEN COMMON STOCK IS ONLY BEING
MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT
THE PURCHASER HAS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY
BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND
CONDITIONS OF THE OFFER. STOCKHOLDERS ARE ABLE TO OBTAIN THE OFFER
TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER
FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM THE PURCHASER BY
CONTACTING MACKENZIE PARTNERS, INC. TOLL-FREE AT (800) 322-2885 OR
COLLECT AT (212) 929-5500 OR VIA EMAIL AT . CERTAIN INFORMATION
CONCERNING PARTICIPANTS Biotechnology Value Fund, L.P. ("BVF"),
together with the other participants named herein, has made a
preliminary filing with the Securities and Exchange Commission
("SEC") of a proxy statement and accompanying GOLD proxy card to be
used to solicit proxies for the removal of the members of the Board
of Directors of Avigen, Inc. ("Avigen"), without cause, and for the
election of BVF's slate of director nominees to replace the removed
directors at a special meeting of stockholders, to be called by
Avigen at the request of BVF and Biotechnology Value Fund II, L.P.
("BVF2"). BVF STRONGLY ADVISES ALL STOCKHOLDERS OF AVIGEN TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT http://www.sec.gov/. IN ADDITION, THE PARTICIPANTS IN THE
SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT
CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE
PARTICIPANTS' PROXY SOLICITOR. The participants in the proxy
solicitation are BVF, BVF2, BVF Investments, L.L.C. ("BVLLC"), BVF
Acquisition LLC ("BVF Acq"), Investment 10, L.L.C. ("ILL10"), BVF
Partners L.P. ("Partners"), BVF Inc. ("BVF Inc."), Mark N. Lampert,
Oleg Nodelman, Matthew D. Perry and Robert M. Coppedge. As of the
date of this filing, BVF beneficially owned 1,975,340 shares of
Common Stock of Avigen, BVF2 beneficially owned 1,364,911 shares of
Common Stock of Avigen, BVLLC beneficially owned 4,969,764 shares
of Common Stock of Avigen and ILL10 beneficially owned 509,585
shares of Common Stock of Avigen. BVF Acq does not directly own any
shares of Common Stock. As a member of a "group" for the purposes
of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as
amended, BVF Acq may be deemed to beneficially own the 8,819,600
shares of Common Stock beneficially owned in the aggregate by the
other Reporting Persons. BVF Acq disclaims beneficial ownership of
such Shares. As the general partner of BVF and BVF2, the manager of
BVLLC and the investment adviser of ILL10, Partners may be deemed
to beneficially own the 8,819,600 shares of Common Stock of Avigen
beneficially owned in the aggregate by BVF, BVF2, BVLLC and ILL10.
As the investment adviser and general partner of Partners, BVF Inc.
may be deemed to beneficially own the 8,819,600 shares of Common
Stock of Avigen beneficially owned by Partners. Mr. Lampert, as a
director and officer of BVF Inc. may be deemed to beneficially own
the 8,819,600 shares of Common Stock of Avigen beneficially owned
by BVF Inc. None of Messrs. Nodelman, Perry or Coppedge directly
owns any shares of Common Stock of Avigen. As a members of a
"group" for the purposes of Rule 13d-5(b)(1) of the Securities
Exchange Act of 1934, as amended, each of Messrs. Nodelman, Perry
and Coppedge may be deemed to beneficially own the 8,819,600 shares
of Common Stock of Avigen beneficially owned in the aggregate by
the other participants named herein. Each of Messrs. Nodelman,
Perry and Coppedge disclaims beneficial ownership of such shares of
Common Stock. DATASOURCE: BVF Acquisition LLC CONTACT: Mark H.
Harnett, MacKenzie Partners, Inc., +1-212-929-5877
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