Filed Pursuant to Rule 425
                                              Under the Securities Act of 1933
                                      And Deemed Filed Pursuant to Rule 14a-12
                                     Under the Securities Exchange Act of 1934

                                          Filed by Enzon Pharmaceuticals, Inc.
                                  Subject Company: Enzon Pharmaceuticals, Inc.
                                                     NPS Pharmaceuticals, Inc.
                                                 Commission File No. 000-12957



Enzon and NPS File Registration Statement on Form S-4


3/24/2003 6:48:00 PM

Bridgewater, NJ, and Salt Lake City, UT, Mar 24, 2003 - Enzon Pharmaceuticals,
Inc. (Nasdaq: ENZN) and NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) announced today
that they have caused to be filed a Registration Statement on Form S-4 with the
Securities and Exchange Commission with respect to the previously announced
merger of the two companies. The registration statement has been filed in the
name of Momentum Merger Corporation and is subject to SEC review. Momentum
Merger Corporation is the newly organized Delaware corporation formed by NPS and
Enzon to effect the merger. Momentum's name will be changed prior to the
completion of the merger. Following the SEC's review of the registration
statement, the joint proxy statement/prospectus, which is a part of the
registration statement, will be sent to NPS and Enzon stockholders in connection
with the respective NPS and Enzon special meetings of stockholders to be held
for the specific purpose of approving the proposed merger.

The registration statement can be obtained by visiting the SEC's website at
http://www.sec.gov and searching for company filings under the name "Momentum
Merger Corporation."

Additional Information And Where To Find It



In connection with the proposed NPS-Enzon merger, NPS, Enzon and Momentum Merger
Corporation have caused to be filed a joint proxy statement/prospectus with the
SEC in connection with the transaction described herein. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE IT
CONTAINS IMPORTANT INFORMATION ABOUT THE TRANSACTION DESCRIBED HEREIN.
Investors and security holders may obtain a free copy of the joint proxy
statement/prospectus and other documents filed by NPS and Enzon with the SEC at
the SEC's web site at http://www.sec.gov or by contacting NPS at 801-583-4939
and through NPS' website at http://www.npsp.com , or by contacting Enzon at
908-541-8678 and through Enzon's website at http://www.enzon.com.

NPS and its directors and executive officers may be deemed to be participants in
the solicitation of proxies from the stockholders of NPS and Enzon in connection
with the transaction described herein. Information regarding the special
interests of these directors and executive officers in the transaction described
is included in the joint proxy statement/prospectus described above. Additional
information regarding these directors and executive officers is also included in
NPS' 2002 Annual Report on Form 10-K, which was filed with the SEC on March 21,
2003. This document is available free of charge at the SEC's web site at
http://www.sec.gov or by contacting NPS at 801-583-4939 and through NPS' website
at http://www.npsp.com.

Enzon and its directors and executive officers also may be deemed to be
participants in the solicitation of proxies from the stockholders of Enzon and
NPS in connection with the transaction described herein. Information regarding
the special interests of these directors and executive officers in the
transaction described herein is included in the joint proxy statement/prospectus
described above. Additional information regarding these directors and executive
officers is also included in Enzon's proxy statement for its 2002 Annual Meeting
of Stockholders, which was filed with the SEC on or about October 28, 2002. This
document is available free of charge at the SEC's web site at http://www.sec.gov
or by contacting Enzon at 908-541-8678 and through Enzon's website at
http://www.enzon.com.

                                      ###
CONTACT:
Susan Mesco, Director, Investor Relations 908-541-8678
Noonan/Russo Communications, Inc. 212-845-4257
David Walsey, Media Relations


                                      -2-