Enzon, Inc. Prices Public Offering of 2 Million Shares of Common Stock at $44.50 per Share

Enzon, Inc. Prices Public Offering of 2 Million Shares of Common Stock at $44.50 per Share

PISCATAWAY, NJ--(BUSINESS WIRE)--March 21, 2000--Enzon, Inc., (NASDAQ: ENZN - news) announced that it has priced its public offering of 2 million newly issued shares of common stock at $44.50 per share. Enzon has granted the underwriters an option to purchase an additional 300,000 shares of common stock to cover over-allotments, if any. The net proceeds to Enzon are expected to be approximately $83.1 million, after deducting underwriters' discounts and commissions and offering expenses ($95.7 million if the underwriters exercise their over-allotment option in full). The managing underwriters for the offering are Morgan Stanley Dean Witter, CIBC World Markets and SG Cowen Securities Corporation.

A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

A copy of the Prospectus relating to the offering may be obtained from Morgan Stanley Dean Witter, Attn: Prospectus Department, 1585 Broadway, New York, New York, 10036-8293, when available. The registration statement can also be viewed on the Internet at http://www.sec.gov.