Enzon Stockholders Approve Sale Of Specialty Pharmaceutical Business

Enzon Pharmaceuticals, Inc. ("Enzon") announced that at a special meeting held this morning, its stockholders approved the sale of Enzon's specialty pharmaceutical business to the sigma-tau Group ("sigma-tau").

Enzon's specialty pharmaceutical business includes four marketed products, Oncaspar, Adagen, DepoCyt, and Abelcet, as well as a manufacturing facility in Indianapolis, Indiana.

As previously announced, Enzon has entered into a definitive agreement to sell its specialty pharmaceutical business to sigma-tau for $300M plus an additional amount of up to $27M based on success milestones. Enzon 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 through 2014.

About Enzon
Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to developing, manufacturing and commercializing important medicines for patients with cancer and other life-threatening conditions. The Company has a portfolio of four marketed products, Oncaspar, DepoCyt, Abelcet and Adagen. Enzon's drug development programs utilize several cutting-edge approaches, including its industry-leading PEGylation technology platform and the Locked Nucleic Acid (LNA) technology. Enzon's PEGylation technology was used to develop two of its products, Oncaspar and Adagen, and has created a royalty revenue stream from licensing partnerships for other products developed using the technology. Enzon also engages in contract manufacturing for several pharmaceutical companies to broaden its revenue base. For more information visit www.enzon.com.

SOURCE: Enzon Pharmaceuticals, Inc.