AnorMED special shareholder meeting scheduled for April 21

By Angela McDaniels

Seattle, March 20 - AnorMED said will hold a special meeting of shareholders on April 21 to consider replacing the company's board of directors. The meeting was called by AnorMED director Felix J. Baker and Julian C. Baker.

The meeting was postponed from April 11 to allow negotiations to continue "in an attempt by all parties to reach a resolution so that the special shareholder meeting will not be required," according to a company news release.

No consensual resolution was achieved, so the meeting will occur in Vancouver, B.C., on April 21.

According to the release, Felix J. Baker's proposal for a board that would include six new directors was accepted by a special committee of the board of directors with the proviso that management be given "adequate" severance coverage in the event that their employment was terminated.

Baker rejected the proviso and elected to proceed to the special meeting, where, if his slate is elected, AnorMED will be obliged to pay C$2.7 million and an accelerated share vesting to management if they continue their employment with AnorMED for six months after the change of control, the company said.

AnorMED is a biopharmaceutical company based in Vancouver, B.C., that discovers, develops and commercializes new therapeutic products in the areas of hematology, HIV and oncology.

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