Regeneron Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation

Regeneron Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation

PR Newswire

TARRYTOWN, N.Y., Jan. 4, 2013

TARRYTOWN, N.Y., Jan. 4, 2013 /PRNewswire/ --Regeneron Pharmaceuticals, Inc.
(NASDAQ: REGN) has been notified of an unsolicited "mini-tender" offer by TRC
Capital Corporation to purchase up to 1 million shares, or approximately
1.06%, of the outstanding Regeneron common stock at a price of $161.25 per
share. TRC's offer price represents approximately a 4.46% discount to the
closing price of Regeneron common stock on December 27, 2012, the last closing
price prior to commencement of the offer, and a 10.77% discount to the closing
price of Regeneron common stock on January 3, 2013. In addition, TRC's offer
is subject to numerous conditions, including the availability of financing
satisfactory to TRC.

Regeneron does not endorse TRC's offer and recommends that shareholders do not
tender their shares in response to the offer because it is a so-called
"mini-tender" offer at a price below the current market price for Regeneron
shares and is subject to numerous conditions. Regeneron urges shareholders
considering TRC's offer to obtain current market quotations for their shares,
review the conditions to the offer, consult with their broker or financial
adviser and exercise caution with respect to TRC's offer. Regeneron is not
associated in any way with TRC, its mini-tender offer or the offer

According to TRC's current offer documents, Regeneron shareholders who have
tendered their shares may withdraw their shares at any time prior to 12:01
a.m., New York City time, on Tuesday, January 29, 2013, the expiration date
set forth in the offer documents (unless extended), by following the
procedures described in the offer documents.

TRC has made many similar mini-tender offers for shares of other companies.
Mini-tender offers are designed to seek to acquire less than 5% of a company's
outstanding shares, thereby avoiding many disclosure and procedural
requirements of the Securities and Exchange Commission (SEC) that apply to
offers for more than 5% of a company's outstanding shares. As a result,
mini-tender offers do not provide investors with the same level of protections
as provided by larger tender offers under United States securities laws.

The SEC has cautioned investors about these offers, noting that "some bidders
make mini-tender offers at below-market prices, hoping that they will catch
investors off guard if the investors do not compare the offer price to the
current market price." The SEC's Investor Tips regarding mini-tender offers
may be found on the SEC's website at

Regeneron encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer mini-tender
offer dissemination and disclosures at information Memo
Number 01-27 issued by the NYSE on Sept. 28, 2001, regarding the dissemination
of mini-tender offer materials, which can be found on the NYSE's website at

Regeneron requests that a copy of this press release be included with all
distributions of materials relating to TRC's offer.

About Regeneron Pharmaceuticals
Regeneron is a fully integrated biopharmaceutical company that discovers,
invents, develops, manufactures, and commercializes medicines for the
treatment of serious medical conditions. Regeneron markets three products in
the United States, EYLEA^® (aflibercept) Injection, ZALTRAP^®
(ziv-aflibercept) Injection for Intravenous Infusion, and ARCALYST^®
(rilonacept) Injection for Subcutaneous Use; ZALTRAP is co-commercialized with
Sanofi. Phase 3 studies are in progress with EYLEA in two additional
indications and with product candidates sarilumab and REGN727. Regeneron has
active research and development programs in many disease areas, including
ophthalmology, inflammation, cancer, and hypercholesterolemia. Additional
information and recent news releases are available on the Regeneron web site

Contact Information:
Michael Aberman, M.D.         Peter Dworkin
Investor Relations            Corporate
914-847-7799                  914.847.7640

SOURCE Regeneron Pharmaceuticals, Inc.

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