-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OqAs38lKK8mWR+GCU6B0RVBralQREPOtnZksNfRagKdFcua7VMEcLk0Kdpe26k3D aqfU1AIfAPcL348H6vtj1A== 0000950157-02-000794.txt : 20021121 0000950157-02-000794.hdr.sgml : 20021121 20021121162125 ACCESSION NUMBER: 0000950157-02-000794 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20021121 EFFECTIVENESS DATE: 20021121 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SYNAPTIC PHARMACEUTICAL CORP CENTRAL INDEX KEY: 0000884939 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 222859704 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-27324 FILM NUMBER: 02836288 BUSINESS ADDRESS: STREET 1: 215 COLLEGE RD CITY: PARAMUS STATE: NJ ZIP: 07652 BUSINESS PHONE: 2012611331 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: H LUNDBECK A S CENTRAL INDEX KEY: 0001188877 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 8880 [8880] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: ONE WALL STREET STREET 2: BANK OF NEW YORK CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 212-495-1784 MAIL ADDRESS: STREET 1: 9 OTTILIAVEJ DK-2500 VALBY CITY: COPENHAGEN STATE: G7 ZIP: 00000 DFAN14A 1 dfan14a.txt SCHEDULE 14A SCHEDULE 14A SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [ ] Filed by a Party other than the Registrant [X] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [X] Soliciting Material Pursuant to Section 240.14a-12 SYNAPTIC PHARMACEUTICAL CORPORATION ----------------------- (Name of Registrant as Specified in its Charter) ----------------------- H. LUNDBECK A/S (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transactions: (5) Total fee paid: - ---------- [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: 2 Set forth as Exhibit 99.1 is the text of slides of the investor presentation made by H. Lundbeck A/S on November 21, 2002. FORWARD LOOKING STATEMENTS The forward-looking statements contained in this announcement are based on the management's current expectations concerning certain future events and results. These are, of course, subject to uncertainty, and actual results may therefore differ materially from those expressed by the statements. Further, some of the expectations are based upon assumptions about future events, which may turn out to be incorrect. ADDITIONAL INFORMATION Stockholders of Synaptic are urged to read the proxy statement that Synaptic will file on Schedule 14A with the Securities and Exchange Commission ("SEC") when it becomes available, and any other relevant documents filed or to be filed in the future with the SEC because those documents contain important information about Synaptic, the proposed transactions and related matters. Investors and security holders can obtain free copies of the proxy statement at Synaptic's web site, www.synapticcorp.com or by contacting Investor Relations, Synaptic Pharmaceutical Corporation, 215 College Road, Paramus, NJ 07652 (Telephone: (201) 261-1331, ext. 1410). Investors and security holders can also obtain free copies of the proxy statement and other documents filed by Synaptic and henceforth by Lundbeck with the SEC in connection with the proposed transactions at the SEC's web site at www.sec.gov. In addition to the proxy statement, Synaptic files annual, quarterly and special reports, proxy statements and other information with the SEC, each of which are available at the SEC's web site at www.sec.gov. Lundbeck has not previously filed any reports or other information with the SEC because Lundbeck has no securities registered pursuant to the Securities Exchange Act of 1934, as amended. You may also read and copy any reports, statements and other information filed by Synaptic and henceforth by Lundbeck at the SEC public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information. Synaptic, Lundbeck, and their respective directors, executive officers and certain members of management and other employees may be deemed to be participants in the solicitation of proxies of Synaptic's stockholders to approve the proposed transactions. Such individuals may have interests in the transactions, including as a result of holding options or shares of Synaptic's stock. Information regarding Lundbeck and its directors and officers is contained below. Information regarding Synaptic and its directors and officers is contained in its proxy statement on Schedule 14A, filed with the SEC on April 8, 2002. 3 Information Regarding Participants on behalf of Lundbeck - -------------------------------------------------------- Set forth below is the name, business address, principal occupation or employment and citizenship of each director and executive officer of Lundbeck. The name of each person who is a director of Lundbeck is marked with an asterisk. The business address of each person listed below is 9 Ottiliavej, DK-2500 Valby, Copenhagen, Denmark. As of the date of this filing, none of the directors or executive officers listed below individually held any options or shares of Synaptic securities.
- -------------------------------- ------------------------------------------------- ------------------- Name and Business Address Principal Occupation or Employment Citizenship - ------------------------- ---------------------------------- ----------- - -------------------------------- ------------------------------------------------- ------------------- ERIK SPRUNK-JANSEN President and Chief Executive Officer of Denmark Lundbeck - -------------------------------- ------------------------------------------------- ------------------- CLAUS BRAESTRUP Executive Vice President, Research and Denmark Development of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- LARS BANG Senior Vice President, Commercial Operations, Denmark Europe and Overseas of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- HARALD CONRADI-LARSEN Senior Vice President, Human Resource Norway Management of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- Senior Vice President, Corporate Affairs and STIG LOKKE PEDERSEN Commercial Operations, America and Asia of Denmark Lundbeck - -------------------------------- ------------------------------------------------- ------------------- HANS HENRIK MUNCH-JENSEN Senior Vice President, Corporate Finance and Denmark Communication of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- OLE MOESTRUP Senior Vice President, Strategic Marketing of Denmark Lundbeck - -------------------------------- ------------------------------------------------- ------------------- MORTEN KOLD MIKKELSEN Senior Vice President, Supply Operations and Denmark Engineering of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- ARNE V. JENSEN* Chairman Denmark - -------------------------------- ------------------------------------------------- ------------------- OLE STEEN ANDERSEN Executive Vice President, Chief Financial Denmark Officer of Danfoss - -------------------------------- ------------------------------------------------- ------------------- LARS BRUHN* President and Chief Executive Officer of Bruhn Denmark Group - -------------------------------- ------------------------------------------------- ------------------- PETER KURSTEIN* Executive Vice President of Radiometer Medical Denmark - -------------------------------- ------------------------------------------------- ------------------- SVEN DYRLOV MADSEN* Director Denmark - -------------------------------- ------------------------------------------------- ------------------- OLE VAHLGREN* Vice President, U.S. Operations of Lundbeck, Denmark Inc. - -------------------------------- ------------------------------------------------- ------------------- FLEMMING LINDELOV* Chief Executive Officer of Royal Scandinavia Denmark - -------------------------------- ------------------------------------------------- ------------------- JAN GOTTLIEBSEN* Teamleader Liquid & Sterile Production of Denmark Lundbeck - -------------------------------- ------------------------------------------------- ------------------- BIRGIT BUNDGAARD ROSENMEIER* Head of Department, Quality Sterile Production Denmark of Lundbeck - -------------------------------- ------------------------------------------------- ------------------- TORBEN SKARSFELDT* Head of Department, Corporate Licensing of Denmark Lundbeck - -------------------------------- ------------------------------------------------- -------------------
4 INDEX TO EXHIBITS Exhibit No. Exhibit - ----------- ------- 99.1 Investor Presentation made by H. Lundbeck A/S on November 21, 2002 EX-99.1 3 ex99-1.txt PRESENTATION Exhibit 99.1 [GRAPHIC OMMITTED} H. LUNDBECK A/S TO ACQUIRE US-BASED SYNAPTIC PHARMACEUTICAL CORP. H.S. Lundbeck A/S [Lundbeck Logo] SAFE HARBOUR STATEMENT This presentation contains forward-looking statements that reflect the Management's current views with respect to certain future events and financial performance. Statements containing the outlook for 2002 and the following years naturally involve uncertainties, and consequently actual results may differ materially from those projected or implied in the forward-looking statements. Further, certain forward-looking statements are based on assumptions of future events, which may prove not to be accurate. [Lundbeck Logo] WHY SYNAPTIC? o Platform to expand Lundbeck's CNS research in the U.S. o Strong IPR in G Protein-Coupled Receptors (GPCRs) and other selected drugable targets o Significantly strengthens Lundbeck's CNS franchise and portfolio through a number of depression, anxiety and psychosis projects in discovery and pre-clinical development o Significantly increases the potential number of New Chemical Entities (NCEs) that Lundbeck brings into development annually o Provides access to a 90-person U.S. drug discovery organization with an excellent scientific reputation in the GPCR field o Creates a platform for the continued development of Lundbeck's U.S. business [Lundbeck Logo] TRANSACTION TERMS --------------------------------------------------------------------- Offer price $6.50 per Synaptic share in cash Equity value $120.5 million / kr. 893.4 million[1] Implied tech value $92.8 million[2] Expected closing February/March 2003 Shareholder approval The transaction requires the approval of a (50.1%) of Synaptic's voting stock Voting agreement Warburg Pincus, the owner of approximately 35% of Synaptic's shares on an as converted basis, has agreed to vote their shares in favor of the proposed transaction and against any alternate transaction while the Merger Agreement is in effect Deal protection o Synaptic has agreed that it will not solicit interest from other potential buyers o Synaptic will have to pay a break-up fee in certain circumstances if it does a transaction with another party --------------------------------------------------------------------- Note: Assumes $1 = kr. 7.41 [1] Based on 18.5 million shares outstanding on an as converted basic basis [2] Based on Synaptic's cash balance of $27.8 million, as reported in the third quarter filing dated November 14, 2002 [Lundbeck Logo] FINANCIAL IMPACT FOR LUNDBECK o No financial impact in 2002. For 2002 the company expects an increase in revenue of 20-25% compared to 2001, while the operating profit is expected to increase by 25-30% compared to 2001 o Based on management expectations for 2002, the company also in 2003 expects to reach the company's long-term financial goals, which are an increase in revenue of 10-12% and an increase in operating profit of 12-15% o R&D expenses will not exceed the corporate goal of investing approx 20% of sales in research & development annually o Transaction will be paid cash. Capex spending in 2003 at level of 2001 - approx DKK 2 billion [Lundbeck Logo] NEXT STEPS . . . . . . . . . . . . Execute . . . . . . agreement . . . . . . with Synaptic . Draft . SEC review, . Obtain SEC . . Shareholders . Expected and Preferred . Preliminary . respond to, . approval, . Shareholder . meeting, close . to close equity . proxy . SEC . mail proxy . review . merger . 1Q 2003 holders and . statement . comments . . . . announce . . . . . . transaction . . . . . . . . . . . . o Synaptic o SEC o SEC clears o Synaptic and counsel reviews final shareholders draft public proposed document vote on filing to filing proposal request o Proxy is shareholder printed and o Lundbeck approval distributed to votes Synaptic Warburg shareholders Pincus's shares in favor of Lundbeck Logo] agreement
H. LUNDBECK A/S SPECIALIST IN PSYCHIATRY, Q&A PIONEERS IN NEUROLOGY [Lundbeck Logo] -----END PRIVACY-ENHANCED MESSAGE-----