With the closing of our intended merger only a few months away, it is an exciting time at Enzon and NPS. As you know, we recently filed our S-4, which brings us one step closer to establishing a fully integrated company.

When completed, the merger will allow us to instantly establish the company Enzon and NPS have earnestly been working to build - a company that is innovative, fully integrated, financially independent, and with the strength and capabilities to create substantial growth and value for years to come. Our new company will have all of the success factors necessary to drive a top-tier biotech business, including five marketed products, two Phase III products, proven technologies, and a group of talented individuals with organizational expertise that stretches from discovery research to marketed products.

We have the opportunity to create something greater than what either company could have achieved on its own. You all are the fundamental success driver. We are counting on our staff to continue their commitment to drive our new company forward. This merger brings new opportunities for each and every one of us. Take the time to get to know each other and even more importantly take the time to listen to each other. Join forces and work together, be open to new ideas, and recognize each other's talents. We must challenge ourselves to be ready to accept change. Personal growth and greater satisfaction in what we are accomplishing are key elements in making these changes positive and rewarding.

The future is coming fast for our new company. We invite you to read on for more details about the progress we are making in building our new company. As always, your comments are welcome as we strive to ensure that we turn our shared vision into reality.

Teamwork is Cited as a Key Driver

Setting out to attain a seamless transition, we have formally kicked off the integration planning process. Capitalizing on our momentum, on March 30, the Steering Committee and Integration Teams met in Toronto to strategize. The teams began to develop their integration plans, set objectives and establish timelines. The underlying objective of the meeting was for each team to identify the areas to be integrated and their team’s four most urgent integration tasks. The meeting revolved around the fundamental elements for a successful integration, including: teamwork, dedication, efficient coordination, participation, honesty, and open communications.

Last month, Integration Teams were named to ensure a consistent and efficient operation of the entire scope of our business during the transition. The Steering Committee is responsible for providing overall guidance to the integration effort. The Integration Office is coordinating the activities and tracking the progress as Integration Teams develop and commence operative plans. The kickoff meeting was driven by a shared vision to create a top-tier biotech company. It launched the organizational integration process at the ground level. The meeting began with opening remarks from both Hunter Jackson and Arthur Higgins. Hunter set the meeting in motion with a motivating discussion that highlighted the great opportunities that this merger brings to each and every member of the Enzon and NPS teams. He highlighted the uniqueness of this merger and the fact that both companies were fundamentally strong separately, making the new combination a truly impressive industry force. Reiterating the strong belief that it is employees who will drive our success, Arthur stressed the need for continual communication, constructive interactions, and above all else honesty during this process. He pointed out that we are building a new and vibrant biotechnology company that has the ability to be a sustainable industry force for the long-term.

Subsequent to the opening remarks from Hunter and Arthur, the teams received a summary of the day's agenda and deliverables from Enzon's Uli Grau and NPS's Gerry Michel. The teams had the opportunity to break-out in private sessions to lay the groundwork for their integration plans, spending significant time sharing ideas and establishing goals which they then presented to the entire group. This process also showcased posters that highlighted our combined portfolio of technologies and products.

The integration kickoff meeting laid the foundation to ensure a flawless combination of the two organizations and was clearly just the starting point. Integration teams left with an exciting set of challenges. As Arthur noted at the meeting, the strength of the combination is evident in three simple words: "Sustainability, Growth and Excellence."