Enzon Concludes Review of Possible Asset Sales, Sale of the Company; Announces $1.60 Special Dividend and Periodic Royalty

Enzon Concludes Review of Possible Asset Sales, Sale of the Company; Announces 
$1.60 Special Dividend and Periodic Royalty Dividends 
PISCATAWAY, NJ -- (Marketwired) -- 04/23/13 --  Enzon
Pharmaceuticals, Inc. (NASDAQ: ENZN) today announced that it has
concluded a thorough review of the possible sale or disposition of
one or more corporate assets, or a sale of the Company, and that its
Board of Directors has approved a $1.60 special dividend per share
and intends to distribute excess cash, expected to arise from ongoing
royalty revenues, in the form of periodic dividends to shareholders.
The record date of the special dividend will be May 7, 2013, and the
payment date will be June 4, 2013. Furthermore, the Company has
minimized expenses and will look to maximize the return of royalty
revenues to shareholders going forward. 
Enzon receives royalty revenues on seven marketed products, namely
PegIntron(R), Sylatron(R), Macugen(R), CIMZIA(R), OMONTYS(R),
Oncaspar and Adagen. For the full year 2012, royalty revenues were
$41.5 million. Royalties on PEGINTRON, marketed by Merck & Co., Inc.,
comprise the majority of the Company's royalty revenue. Royalty
revenue on OMONTYS (peginesatide) injection, marketed by Affymax,
Inc. and Takeda Pharmaceutical Company Ltd., were subject to a
nationwide voluntary recall of all lots to the user level as a result
of new postmarketing reports regarding serious hypersensitivity
reactions, including anaphylaxis, which can be life-threatening or
As of March 31, 2013, the Company had cash, cash equivalents and
marketable securities totaling $199.3 million and approximately $116
million in outstanding 4% convertible notes, which mature on June 1,
2013. The special dividend announced today would result in an
aggregate distribution to shareholders of approximately $70 million. 
Alex Denner, Chairman of the Board, commented: "The recall of OMONTYS
from the market and recent declines in PEGINTRON revenues adversely
impacted interest in a possible acquisition of the Company's royalty
portfolio, leading the Board of Directors to conclude that a
distribution of Enzon's cash and ongoing royalty revenues was in the
best interest of Enzon's shareholders. This direction, which followed
an exhaustive review of alternatives, returns what the Board believes
is the greatest value to shareholders." 
About Enzon 
Enzon Pharmaceuticals, Inc. is a biotechnology company that had been
dedicated to the research and development of innovative therapeutics
for patients with high unmet medical needs. Enzon receives royalty
revenues on seven marketed products that utilize its proprietary
Customized PEGylation Linker Technology (Customized Linker
Technology(R)) platform, namely PegIntron(R), Sylatron(R),
Macugen(R), CIMZIA(R), OMONTYS(R), Oncaspar and Adagen. 
Further information about Enzon and this press release can be found
on the Company's website at www.enzon.com.  
Forward-Looking Statements  
This press release contains, or may contain, forward-looking
statements within the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements contained in
this press release, other than statements that are purely historical,
are forward-looking statements, which can be identified by the use of
forward-looking terminology such as the words "believes," "expects,"
"may," "will," "should," "potential," "anticipates," "plans," or
"intends" and similar expressions, including statements regarding
Enzon's intent to distribute excess cash in the form of periodic
dividends to shareholders. 
Such forward-looking statements are based upon management's present
expectations, objectives, anticipation, plans, hopes, beliefs,
intentions or strategies regarding the future and are subject to
known and unknown risks and uncertainties that could cause actual
results, events or developments to be materially different from those
indicated in such forward-looking statements. Such risks and
uncertainties include, but are not limited to, uncertainty regarding
our expected royalty revenues, uncertainty regarding the amount of
cash that will actually be distributed to shareholders, the
expectation that we will incur costs associated with workforce
reductions, the risk that we may not realize the expected benefits
from workforce reductions, and other risks and uncertainties that are
contained in Enzon's filings with the U.S. Securities and Exchange
Commission. These factors should be considered carefully and readers
are cautioned not to place undue reliance on such forward-looking
statements. No assurance can be given that the future results covered
by the forward-looking statements will be achieved. All information
in this press release is as of the date of this press release and
Enzon does not intend to update this information. 
Investor Contact: 
Andrea Rabney
Argot Partners 
Media Contact: 
David Pitts
Argot Partners 
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