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  <TITLE>Form 8-K</TITLE>
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  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 8-K </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>CURRENT REPORT </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"
  COLOR="#000000"><B>Pursuant to Section 13 or 15(d) of </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4" COLOR="#000000"><B>the Securities Exchange Act of 1934 </B></FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>February 20, 2003 </B></FONT></P><HR WIDTH="47%" SIZE="1"
  NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Date of Report (date of earliest event reported) </B></FONT></P><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"
  COLOR="#000000"><B>NPS PHARMACEUTICALS, INC. </B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Exact name of
  Registrant as specified in its charter) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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  <TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Delaware</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>0-23272</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>87-0439579</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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  <TD VALIGN="top" ALIGN="center" WIDTH="31%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(State or other jurisdiction of</B></FONT></P> <P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>incorporation or organization)</B></FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
  <TD VALIGN="top" ALIGN="center" WIDTH="31%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Commission File Number)</B></FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="top" ALIGN="center" WIDTH="31%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
  ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Identification Number)</B></FONT></P></TD></TR>
  </TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>420
  Chipeta Way </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Salt Lake City, Utah 84108 </B></FONT></P><HR WIDTH="47%" SIZE="1" NOSHADE COLOR="#000000"><P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Address of principal executive offices) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>(801) 583-4939 </B></FONT></P><HR WIDTH="47%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"
  ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">This Current
  Report on Form 8-K is filed by NPS Pharmaceuticals, Inc., a Delaware corporation (&#147;<B><I>NPS</I></B>&#148; or the &#147;<B><I>Registrant</I></B>&#148;), in connection with the matters described herein. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ITEM 5:&nbsp;&nbsp;&nbsp;&nbsp;OTHER EVENTS. </B></FONT></P><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">On February 20, 2003, NPS and Enzon Pharmaceuticals, Inc.
  (&#147;<B><I>Enzon</I></B>&#148;) announced that they had entered into an Agreement and Plan of Reorganization, dated as of February 19, 2003 (the &#147;<B><I>Merger Agreement</I></B>&#148;), which sets forth the terms and conditions of the proposed
  merger (the &#147;<B><I>Merger</I></B>&#148;) of NPS and Enzon. Pursuant to the Merger Agreement, a subsidiary of a newly organized Delaware corporation (&#147;<B><I>Holdco</I></B>&#148;) will merge (the &#147;<B><I>NPS Merger</I></B>&#148;) with
  and into NPS, with NPS surviving as a wholly owned subsidiary of Holdco, and Enzon will merge (the &#147;<B><I>Enzon Merger</I></B>&#148;) with and into another newly organized, wholly owned subsidiary of Holdco (&#147;<B><I>Enzon Merger
  Subsidiary</I></B>&#148;) with Enzon Merger Subsidiary surviving as a wholly owned subsidiary of Holdco. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Merger is intended to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as
  amended. Consummation of the Merger is subject to various conditions, including the approval by both NPS&#146;s and Enzon&#146;s stockholders and the receipt of required regulatory approvals. A copy of the Merger Agreement is included herein as
  Exhibit 2.1. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Concurrently with the execution of
  the Merger Agreement, and in consideration thereof, (i) certain stockholders of Enzon entered into individual agreements with NPS (collectively the &#147;<B><I>NPS Voting Agreement</I></B>&#148;) whereby each such stockholder agreed to vote all of
  the shares of the common stock of Enzon beneficially owned by such stockholder in favor of approval and adoption of the Merger Agreement and approval of the Enzon Merger and certain related matters and (ii) certain stockholders of NPS entered into
  individual agreements with Enzon (collectively the &#147;<B><I>Enzon Voting Agreement</I></B>&#148;) whereby each such stockholder agreed to vote all of the shares of the common stock of NPS beneficially owned by such stockholder in favor of
  approval and adoption of the Merger Agreement and approval of the NPS Merger and certain related matters. A copy of each of the NPS Voting Agreement and the Enzon Voting Agreement are included herein as Exhibit 99.1 and Exhibit 99.2, respectively.
  </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Merger Agreement, the NPS Voting Agreement
  and the Enzon Voting Agreement are incorporated herein by reference into this Item 5 and the foregoing description of such documents and the transactions contemplated therein are qualified in their entirety by reference to such exhibits.
  </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ITEM 7:&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS,
  </B><B><I>PRO FORMA</I></B><B> FINANCIAL INFORMATION AND EXHIBITS. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
  SIZE="2" COLOR="#000000">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
  FACE="Times New Roman" SIZE="2" COLOR="#000000">The following exhibits are filed herewith: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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  <TD VALIGN="top" ALIGN="right" WIDTH="5%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2.1</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="80%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Agreement and Plan of Reorganization, dated as of February 19, 2003, by and among NPS
  Pharmaceuticals, Inc., Enzon Pharmaceuticals, Inc., Momentum Merger Corporation, Newton Acquisition Corporation and Einstein Acquisition Corporation.</FONT></P></TD></TR>
  <TR>
  <TD HEIGHT="5"></TD></TR>
  <TR>
  <TD VALIGN="top" ALIGN="right" WIDTH="5%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="80%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Voting Agreement, between NPS Pharmaceuticals, Inc. and certain stockholders
  of Enzon Pharmaceuticals, Inc.</FONT></P></TD></TR>
  <TR>
  <TD HEIGHT="5"></TD></TR>
  <TR>
  <TD VALIGN="top" ALIGN="right" WIDTH="5%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.2</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="80%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Voting Agreement, between Enzon Pharmaceuticals, Inc. and certain
  stockholders of NPS Pharmaceuticals, Inc.</FONT></P></TD></TR>
  </TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 </FONT></P>
  
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ITEM
  9:&nbsp;&nbsp;&nbsp;&nbsp;REGULATION FD DISCLOSURE. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">On February 20, 2003, NPS and Enzon issued the following joint press release: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
  FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>&#147;NPS Pharmaceuticals and Enzon Pharmaceuticals Agree to Merger of Equals </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>2/20/2003 6:33:00 AM </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SALT LAKE
  CITY, and BRIDGEWATER, N.J., Feb 20, 2003 /PRNewswire-FirstCall via COMTEX/ &#151; </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
  SIZE="2" COLOR="#000000"><B>Science, Pipeline, Products&nbsp;.&nbsp;.&nbsp;.&nbsp;Creating a New Biotechnology Leader </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) and Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that they have signed a definitive
  agreement to a merger of equals in a stock-for-stock transaction with a value of approximately $1.6 billion. Under terms of the agreement, each Enzon shareholder will receive 0.7264 shares of the new company&#146;s common stock for each Enzon share
  owned. Each NPS shareholder will receive 1.00 share for each NPS share owned. The combination will create a powerful, integrated biotechnology company featuring demonstrated research capabilities, extensive drug development and manufacturing
  expertise, an innovative product pipeline, established commercial infrastructure, and a strong and growing revenue base. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">NPS and Enzon will combine management and scientific talent to create a new biotechnology leader. The new company will have one of the
  industry&#146;s deepest and most innovative drug discovery and development pipelines addressing opportunities in areas of unmet therapeutic need, combined with a number of powerful revenue generators and over $300 million of cash. The company will
  be headquartered in Bridgewater, New Jersey, and will maintain major research, development and manufacturing facilities in Salt Lake City, Utah; Toronto, Canada; Indianapolis, Indiana, and additional locations in New Jersey. Dr. Hunter Jackson,
  currently the Chairman, President and CEO of NPS, will serve as Executive Chairman of the new company, and Arthur J. Higgins, Enzon&#146;s Chairman, President and CEO, will serve as the new company&#146;s Chief Executive Officer. Teams from both
  companies have begun planning the post-merger integration process, which will include introducing a new name. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#147;Combining NPS&#146;s tremendous research and development capabilities with Enzon&#146;s commercial and operating expertise will
  empower us to create a truly integrated team addressing all aspects of operations. Our combined strength will enable us to maximize success across a broad range of opportunities,&#148; said Dr. Jackson. Mr. Higgins added, &#147;Our new entity will
  possess all of the necessary elements to emerge as a new biotechnology leader. With a high-potential product pipeline, a growing revenue base, and a commitment to disciplined execution, we are positioned for sustainable growth and expect to reach
  profitability in 2006 or before.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Marketed Products
  </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Building on its established commercial
  organization, including a hospital-based sales force and a focused specialty oncology sales team, the newly formed company will immediately benefit from estimated revenues of approximately $200 million for the year ending December 31, 2003. Company
  revenues will be driven by four internally marketed products, as well as free cash flow due to royalties on PEG-INTRON<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">. The line-up of marketed products includes: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">PEG-INTRON:&nbsp;&nbsp;&nbsp;&nbsp;a longer-acting form of INTRON<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT
  FACE="Times New Roman" SIZE="2" COLOR="#000000"> A (interferon alfa-2b, recombinant) is used in the treatment of chronic hepatitis C. This product uses proprietary PEG technology developed by Enzon and is marketed by Schering-Plough.
  </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ABELCET<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">:&nbsp;&nbsp;&nbsp;&nbsp;an antifungal used in hospitals to treat patients with invasive fungal infections related to cancer, organ transplantation and other conditions. </FONT></TD></TR></TABLE><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ONCASPAR<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">:&nbsp;&nbsp;&nbsp;&nbsp;a PEG-enhanced version of a naturally occurring enzyme called L-asparaginase used in conjunction with other chemotherapeutics to treat patients with acute lymphoblastic leukemia. </FONT></TD></TR></TABLE><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">DEPOCYT<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">:&nbsp;&nbsp;&nbsp;&nbsp;an injectable chemotherapeutic for the treatment of patients with lymphomatous meningitis. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 </FONT></P>
  
  
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  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">ADAGEN<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">:&nbsp;&nbsp;&nbsp;&nbsp;a PEG-enhanced enzyme replacement therapy that is used for the treatment of severe combined immunodeficiency disease, or SCID, also known as the &#147;Bubble Boy Disease.&#148; </FONT></TD></TR></TABLE><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Its revenue stream, in combination with a strong cash
  position, will create the unusual but invaluable flexibility to selectively choose how it commercializes its late stage pipeline, and optimizes the value of its product development opportunities. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Pipeline Highlights </B></FONT></P><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">A distinguishing characteristic of the company is its
  combined pipeline addressing significant unmet medical needs, including: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Two Phase III programs:&nbsp;&nbsp;&nbsp;&nbsp;PREOS<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&#153;</SUP></FONT></FONT><FONT FACE="Times New Roman"
  SIZE="2" COLOR="#000000"> for the treatment of osteoporosis, and cinacalcet HCl, which is being developed by Amgen for the treatment of secondary hyperparathyroidism. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
  SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Three Phase II programs:&nbsp;&nbsp;&nbsp;&nbsp;PROTHECAN<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT
  FACE="Times New Roman" SIZE="2" COLOR="#000000"> for various solid tumors; ALX-0600 for Short Bowel Syndrome and other gastrointestinal disorders; and cinacalcet HCl for primary hyperparathyroidism. </FONT></TD></TR></TABLE><P
  STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
  <TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#149;</FONT></TD>
  <TD WIDTH="006" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Over 10 specific early stage programs addressing unmet medical needs in endocrinology, immunology, oncology, neurology, and gastroenterology. Upon completion of the
  merger, the candidate portfolio will be reviewed and resources will be focused on the most promising programs. </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Research Expertise </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Scientifically, the new company will emphasize and build on its talents and experience in discovery research. Proven research platforms of
  the combined company will include small molecule discovery efforts targeting calcium receptors, metabotropic glutamate receptors (mGluRs), and other G-protein coupled receptors, plus technology to attach polyethylene glycol, or PEG, to therapeutic
  molecules, and the SCA (single-chain antibody) program. Work in these areas has led to a number of proprietary opportunities and joint research programs, which will continue to be pursued by the new company. On-going collaborations include
  calcilytics with GlaxoSmithKline, mGluRs with AstraZeneca, drug delivery with Nektar Therapeutics and SkyePharma, and SCA with Micromet. The goal of the new company&#146;s focus on discovery research is to move a continuing stream of new product
  candidates into clinical development. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>The Transaction
  </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The merger agreement has been unanimously
  approved by the boards of directors of both companies, and is subject to certain closing conditions, including approval by the shareholders of NPS and Enzon. Upon closing, which is expected in June 2003, the board of directors will be composed of
  six individuals from NPS&#146;s board and four from Enzon&#146;s, including both Dr. Jackson and Mr. Higgins. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In the transaction, Morgan Stanley advised NPS and SG Cowen advised Enzon. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
  SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Dr. Jackson and Mr. Higgins will discuss the proposed merger with analysts and investors in a webcasted
  conference call at 10:00 a.m. EST. Interested parties can join the webcast at www.videonewswire.com/newco/022003, or dial into the conference call at 800-231-5571, locally, or 973-582-2703, internationally. NPS Pharmaceuticals discovers, develops
  and intends to commercialize small molecules and recombinant proteins as drugs, primarily for the treatment of bone and mineral, metabolic, gastrointestinal, and central nervous system disorders. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Enzon Pharmaceuticals is a biopharmaceutical company dedicated
  to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The company has developed three marketed products, including PEG-INTRON, marketed by Schering-Plough. Enzon&#146;s product-focused strategy
  includes an extensive drug development program that leverages the Company&#146;s PEG modification and single-chain antibody </FONT>
  </P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4 </FONT></P>
  
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px">
  <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(SCA<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>&reg;</SUP></FONT></FONT><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">) technologies. Internal research and development efforts are complemented by strategic transactions that provide access to additional products, projects and technologies. Enzon has several drug candidates in various stages of
  development, independently and with partners. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Cautionary
  Statement For The Purpose Of The &#147;Safe Harbor&#148; Provisions Of The Private Securities Litigation Reform Act Of 1995 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">This press release contains forward-looking statements within the meaning of the &#147;safe harbor&#148; provisions of the Private
  Securities Litigation Reform Act of 1995. These statements are based on management&#146;s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those
  described in the forward-looking statements. The forward-looking statements contained in this presentation include statements about future financial and operating results and the proposed NPS/Enzon merger. These statements are not guarantees of
  future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from
  what is expressed herein. For example, if either of the companies do not receive required stockholder or governmental approvals or fail to satisfy other conditions to closing, the transaction will not be consummated. In any forward-looking statement
  in which NPS or Enzon expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief
  will result or be achieved or accomplished. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that the NPS and Enzon businesses will not be
  integrated successfully; costs related to the proposed merger, failure of the NPS or Enzon stockholders to approve the proposed merger; and other economic, business, competitive and/or regulatory factors affecting NPS&#146; and Enzon&#146;s
  businesses generally as set forth in NPS&#146;s and Enzon&#146;s filings with the SEC, including their Annual Reports on Form 10-K for their respective most recent fiscal years, especially in the Management&#146;s Discussion and Analysis section,
  their most recent Quarterly Reports on Form 10-Q and their Current Reports on Form 8-K. NPS and Enzon are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of
  new information, future events or otherwise. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Additional
  Information And Where To Find It </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In
  connection with the proposed NPS/Enzon merger, NPS, Enzon and Momentum Merger Corporation (which will be renamed by NPS and Enzon in connection with the proposed merger) intend to file a joint proxy statement/prospectus with the Securities and
  Exchange Commission (the &#147;SEC&#148;) in connection with the transaction described herein. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT
  INFORMATION ABOUT THE TRANSACTION DESCRIBED HEREIN. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents filed by NPS and Enzon with the SEC at the SEC&#146;s web
  site at www.sec.gov or by contacting NPS at 801-583-4939 and through NPS&#146;s website at www.npsp.com, or by contacting Enzon at 908-541-8678 and through Enzon&#146;s website at www.enzon.com. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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 herein will be included in the joint proxy statement/prospectus described above. Additional information regarding these directors and executive officers is also included in NPS&#146; proxy statement for its 2002 Annual Meeting of
  Stockholders, which was filed with the SEC on or about April 19, 2002. This document is available free of charge at the SEC&#146;s web site at www.sec.gov or by contacting NPS at 801-583-4939 and through NPS&#146; website at [www.npsp.com]
  </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 </FONT></P>
  
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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 will be included in the joint proxy statement/prospectus described above. Additional information regarding these directors and executive officers is also included in Enzon&#146;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&#146;s web site at www.sec.gov or by contacting Enzon at 908-541-8678.
  </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Susan Mesco </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director, Investor Relations </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">Enzon, Inc. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">+1-732-980-4577 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
  SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">David L. Clark </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
  FACE="Times New Roman" SIZE="2" COLOR="#000000">Vice President, Operations </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">NPS Pharmaceuticals, Inc. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">+1-801-583-4939 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Ernie Knewitz (Media) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">Noonan Russo Presence Euro RSCG </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">+1-212-845-4253 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
  SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">SOURCE:&nbsp;&nbsp;&nbsp;&nbsp;NPS Pharmaceuticals, Inc.; Enzon Pharmaceuticals, Inc. </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">CONTACT:&nbsp;&nbsp;&nbsp;&nbsp;Contact: Susan Mesco, Director, Investor
  Relations of Enzon, Inc., +1-732-980-4577; or David L. Clark, Vice President, Operations of NPS Pharmaceuticals, Inc., +1-801-583-4939, or Media&#151;Ernie Knewitz of Noonan Russo Presence Euro RSCG, +1-212-845-4253, for both, NPS Pharmaceuticals,
  Inc. and Enzon Pharmaceuticals, Inc. URL: http://www.enzon.com </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">http://www.prnewswire.com </FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Copyright &copy; 2003 PR Newswire. All rights reserved. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The reports filed by NPS with the Securities and Exchange Commission and the news releases issued by NPS and posted on this website are
  current only as of the dates on which they were filed or issued by NPS. Therefore, the contents of these reports and releases can become outdated. We make no commitment, and disclaim any duty, to update these reports and releases. We do not warrant
  the accuracy or completeness of these materials or the reliability of any advice, opinion, statement or other information displayed or distributed through the website. Readers acknowledge that any reliance on these reports, releases, advice,
  opinions, statements, or information are at the reader&#146;s sole risk.&#148; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">6 </FONT></P>
  
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SIGNATURES
  </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to the requirements of the
  Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
  STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Date: February 21, 2003 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV
  STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
  
  <TR>
  <TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>NPS PHARMACEUTICALS, INC.</B></FONT></P></TD></TR>
  <TR>
  <TD HEIGHT="13"></TD></TR>
  <TR>
  <TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>AMES</SMALL> U.
  J<SMALL>ENSEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
  <TR>
  <TD><FONT SIZE="1">&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">James U. Jensen</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
  COLOR="#000000">Vice President, General Counsel and Secretary</FONT></P></TD></TR>
  </TABLE></DIV><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">7 </FONT></P>
  
  
  <p Style='page-break-before:always'>
  <HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT
  INDEX </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
  
  <TR>
  <TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit Number</B></FONT></P><HR WIDTH="48" SIZE="1" NOSHADE COLOR="#000000"></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="92%" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Description</B></FONT></P><HR WIDTH="73" SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
  <TR>
  <TD HEIGHT="5"></TD></TR>
  <TR>
  <TD VALIGN="top" ALIGN="center" WIDTH="7%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;2.1</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="92%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Agreement and Plan of Reorganization, dated as of February 19, 2003, by and among NPS
  Pharmaceuticals, Inc., Enzon Pharmaceuticals, Inc., Momentum Merger Corporation, Newton Acquisition Corporation and Einstein Acquisition Corporation.</FONT></P></TD></TR>
  <TR>
  <TD HEIGHT="5"></TD></TR>
  <TR>
  <TD VALIGN="top" ALIGN="center" WIDTH="7%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="92%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Voting Agreement, between NPS Pharmaceuticals, Inc. and certain stockholders
  of Enzon Pharmaceuticals, Inc.</FONT></P></TD></TR>
  <TR>
  <TD HEIGHT="5"></TD></TR>
  <TR>
  <TD VALIGN="top" ALIGN="center" WIDTH="7%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.2</FONT></P></TD>
  <TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  <TD VALIGN="bottom" WIDTH="92%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Voting Agreement, between Enzon Pharmaceuticals, Inc. and certain
  stockholders of NPS Pharmaceuticals, Inc.</FONT></P></TD></TR>
  </TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8 </FONT></P>
  
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metadata_filer: {"company-data": {"conformed-name": "NPS PHARMACEUTICALS INC", "cik": "0000890465", "assigned-sic": "2836", "irs-number": "870439579", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23272", "film-number": "03576585"}, "business-address": {"street1": "420 CHIPETA WAY STE 240", "city": "SALT LAKE CITY", "state": "UT", "zip": "84108-1256", "phone": "8015834939"}}
text: Form 8-K
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of
  the Securities Exchange Act of 1934
  February 20, 2003
  Date of Report (date of earliest event reported)
  NPS PHARMACEUTICALS, INC.
  (Exact name of
  Registrant as specified in its charter)
  Delaware
  0-23272
  87-0439579
  (State or other jurisdiction of
  incorporation or organization)
  (Commission File Number)
  (I.R.S. Employer
  Identification Number)
  420
  Chipeta Way
  Salt Lake City, Utah 84108
  (Address of principal executive offices)
  (801) 583-4939
  (Registrant's telephone number, including area code)
  This Current
  Report on Form 8-K is filed by NPS Pharmaceuticals, Inc., a Delaware corporation ("
  NPS
  " or the "
  Registrant
  "), in connection with the matters described herein.
  ITEM 5:    OTHER EVENTS.
  On February 20, 2003, NPS and Enzon Pharmaceuticals, Inc.
  ("
  Enzon
  ") announced that they had entered into an Agreement and Plan of Reorganization, dated as of February 19, 2003 (the "
  Merger Agreement
  "), which sets forth the terms and conditions of the proposed
  merger (the "
  Merger
  ") of NPS and Enzon. Pursuant to the Merger Agreement, a subsidiary of a newly organized Delaware corporation ("
  Holdco
  ") will merge (the "
  NPS Merger
  ") with
  and into NPS, with NPS surviving as a wholly owned subsidiary of Holdco, and Enzon will merge (the "
  Enzon Merger
  ") with and into another newly organized, wholly owned subsidiary of Holdco ("
  Enzon Merger
  Subsidiary
  ") with Enzon Merger Subsidiary surviving as a wholly owned subsidiary of Holdco.
  The Merger is intended to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as
  amended. Consummation of the Merger is subject to various conditions, including the approval by both NPS's and Enzon's stockholders and the receipt of required regulatory approvals. A copy of the Merger Agreement is included herein as
  Exhibit 2.1.
  Concurrently with the execution of
  the Merger Agreement, and in consideration thereof, (i) certain stockholders of Enzon entered into individual agreements with NPS (collectively the "
  NPS Voting Agreement
  ") whereby each such stockholder agreed to vote all of
  the shares of the common stock of Enzon beneficially owned by such stockholder in favor of approval and adoption of the Merger Agreement and approval of the Enzon Merger and certain related matters and (ii) certain stockholders of NPS entered into
  individual agreements with Enzon (collectively the "
  Enzon Voting Agreement
  ") whereby each such stockholder agreed to vote all of the shares of the common stock of NPS beneficially owned by such stockholder in favor of
  approval and adoption of the Merger Agreement and approval of the NPS Merger and certain related matters. A copy of each of the NPS Voting Agreement and the Enzon Voting Agreement are included herein as Exhibit 99.1 and Exhibit 99.2, respectively.
  The Merger Agreement, the NPS Voting Agreement
  and the Enzon Voting Agreement are incorporated herein by reference into this Item 5 and the foregoing description of such documents and the transactions contemplated therein are qualified in their entirety by reference to such exhibits.
  ITEM 7:    FINANCIAL STATEMENTS,
  PRO FORMA
  FINANCIAL INFORMATION AND EXHIBITS.
  (c)
  Exhibits
  .
  The following exhibits are filed herewith:
  2.1
  Agreement and Plan of Reorganization, dated as of February 19, 2003, by and among NPS
  Pharmaceuticals, Inc., Enzon Pharmaceuticals, Inc., Momentum Merger Corporation, Newton Acquisition Corporation and Einstein Acquisition Corporation.
  99.1
  Form of Voting Agreement, between NPS Pharmaceuticals, Inc. and certain stockholders
  of Enzon Pharmaceuticals, Inc.
  99.2
  Form of Voting Agreement, between Enzon Pharmaceuticals, Inc. and certain
  stockholders of NPS Pharmaceuticals, Inc.
  2
  ITEM
  9:    REGULATION FD DISCLOSURE.
  On February 20, 2003, NPS and Enzon issued the following joint press release:
  "NPS Pharmaceuticals and Enzon Pharmaceuticals Agree to Merger of Equals
  2/20/2003 6:33:00 AM
  SALT LAKE
  CITY, and BRIDGEWATER, N.J., Feb 20, 2003 /PRNewswire-FirstCall via COMTEX/ —
  Science, Pipeline, Products . . . Creating a New Biotechnology Leader
  NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) and Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that they have signed a definitive
  agreement to a merger of equals in a stock-for-stock transaction with a value of approximately $1.6 billion. Under terms of the agreement, each Enzon shareholder will receive 0.7264 shares of the new company's common stock for each Enzon share
  owned. Each NPS shareholder will receive 1.00 share for each NPS share owned. The combination will create a powerful, integrated biotechnology company featuring demonstrated research capabilities, extensive drug development and manufacturing
  expertise, an innovative product pipeline, established commercial infrastructure, and a strong and growing revenue base.
  NPS and Enzon will combine management and scientific talent to create a new biotechnology leader. The new company will have one of the
  industry's deepest and most innovative drug discovery and development pipelines addressing opportunities in areas of unmet therapeutic need, combined with a number of powerful revenue generators and over $300 million of cash. The company will
  be headquartered in Bridgewater, New Jersey, and will maintain major research, development and manufacturing facilities in Salt Lake City, Utah; Toronto, Canada; Indianapolis, Indiana, and additional locations in New Jersey. Dr. Hunter Jackson,
  currently the Chairman, President and CEO of NPS, will serve as Executive Chairman of the new company, and Arthur J. Higgins, Enzon's Chairman, President and CEO, will serve as the new company's Chief Executive Officer. Teams from both
  companies have begun planning the post-merger integration process, which will include introducing a new name.
  "Combining NPS's tremendous research and development capabilities with Enzon's commercial and operating expertise will
  empower us to create a truly integrated team addressing all aspects of operations. Our combined strength will enable us to maximize success across a broad range of opportunities," said Dr. Jackson. Mr. Higgins added, "Our new entity will
  possess all of the necessary elements to emerge as a new biotechnology leader. With a high-potential product pipeline, a growing revenue base, and a commitment to disciplined execution, we are positioned for sustainable growth and expect to reach
  profitability in 2006 or before."
  Marketed Products
  Building on its established commercial
  organization, including a hospital-based sales force and a focused specialty oncology sales team, the newly formed company will immediately benefit from estimated revenues of approximately $200 million for the year ending December 31, 2003. Company
  revenues will be driven by four internally marketed products, as well as free cash flow due to royalties on PEG-INTRON
  ®
  . The line-up of marketed products includes:
  •
  PEG-INTRON:    a longer-acting form of INTRON
  ®
  A (interferon alfa-2b, recombinant) is used in the treatment of chronic hepatitis C. This product uses proprietary PEG technology developed by Enzon and is marketed by Schering-Plough.
  •
  ABELCET
  ®
  :    an antifungal used in hospitals to treat patients with invasive fungal infections related to cancer, organ transplantation and other conditions.
  •
  ONCASPAR
  ®
  :    a PEG-enhanced version of a naturally occurring enzyme called L-asparaginase used in conjunction with other chemotherapeutics to treat patients with acute lymphoblastic leukemia.
  •
  DEPOCYT
  ®
  :    an injectable chemotherapeutic for the treatment of patients with lymphomatous meningitis.
  3
  •
  ADAGEN
  ®
  :    a PEG-enhanced enzyme replacement therapy that is used for the treatment of severe combined immunodeficiency disease, or SCID, also known as the "Bubble Boy Disease."
  Its revenue stream, in combination with a strong cash
  position, will create the unusual but invaluable flexibility to selectively choose how it commercializes its late stage pipeline, and optimizes the value of its product development opportunities.
  Pipeline Highlights
  A distinguishing characteristic of the company is its
  combined pipeline addressing significant unmet medical needs, including:
  •
  Two Phase III programs:    PREOS
  ™
  for the treatment of osteoporosis, and cinacalcet HCl, which is being developed by Amgen for the treatment of secondary hyperparathyroidism.
  •
  Three Phase II programs:    PROTHECAN
  ®
  for various solid tumors; ALX-0600 for Short Bowel Syndrome and other gastrointestinal disorders; and cinacalcet HCl for primary hyperparathyroidism.
  •
  Over 10 specific early stage programs addressing unmet medical needs in endocrinology, immunology, oncology, neurology, and gastroenterology. Upon completion of the
  merger, the candidate portfolio will be reviewed and resources will be focused on the most promising programs.
  Research Expertise
  Scientifically, the new company will emphasize and build on its talents and experience in discovery research. Proven research platforms of
  the combined company will include small molecule discovery efforts targeting calcium receptors, metabotropic glutamate receptors (mGluRs), and other G-protein coupled receptors, plus technology to attach polyethylene glycol, or PEG, to therapeutic
  molecules, and the SCA (single-chain antibody) program. Work in these areas has led to a number of proprietary opportunities and joint research programs, which will continue to be pursued by the new company. On-going collaborations include
  calcilytics with GlaxoSmithKline, mGluRs with AstraZeneca, drug delivery with Nektar Therapeutics and SkyePharma, and SCA with Micromet. The goal of the new company's focus on discovery research is to move a continuing stream of new product
  candidates into clinical development.
  The Transaction
  The merger agreement has been unanimously
  approved by the boards of directors of both companies, and is subject to certain closing conditions, including approval by the shareholders of NPS and Enzon. Upon closing, which is expected in June 2003, the board of directors will be composed of
  six individuals from NPS's board and four from Enzon's, including both Dr. Jackson and Mr. Higgins.
  In the transaction, Morgan Stanley advised NPS and SG Cowen advised Enzon.
  Dr. Jackson and Mr. Higgins will discuss the proposed merger with analysts and investors in a webcasted
  conference call at 10:00 a.m. EST. Interested parties can join the webcast at www.videonewswire.com/newco/022003, or dial into the conference call at 800-231-5571, locally, or 973-582-2703, internationally. NPS Pharmaceuticals discovers, develops
  and intends to commercialize small molecules and recombinant proteins as drugs, primarily for the treatment of bone and mineral, metabolic, gastrointestinal, and central nervous system disorders.
  Enzon Pharmaceuticals is a biopharmaceutical company dedicated
  to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The company has developed three marketed products, including PEG-INTRON, marketed by Schering-Plough. Enzon's product-focused strategy
  includes an extensive drug development program that leverages the Company's PEG modification and single-chain antibody
  4
  (SCA
  ®
  ) technologies. Internal research and development efforts are complemented by strategic transactions that provide access to additional products, projects and technologies. Enzon has several drug candidates in various stages of
  development, independently and with partners.
  Cautionary
  Statement For The Purpose Of The "Safe Harbor" Provisions Of The Private Securities Litigation Reform Act Of 1995
  This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private
  Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those
  described in the forward-looking statements. The forward-looking statements contained in this presentation include statements about future financial and operating results and the proposed NPS/Enzon merger. These statements are not guarantees of
  future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from
  what is expressed herein. For example, if either of the companies do not receive required stockholder or governmental approvals or fail to satisfy other conditions to closing, the transaction will not be consummated. In any forward-looking statement
  in which NPS or Enzon expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief
  will result or be achieved or accomplished. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that the NPS and Enzon businesses will not be
  integrated successfully; costs related to the proposed merger, failure of the NPS or Enzon stockholders to approve the proposed merger; and other economic, business, competitive and/or regulatory factors affecting NPS' and Enzon's
  businesses generally as set forth in NPS's and Enzon's filings with the SEC, including their Annual Reports on Form 10-K for their respective most recent fiscal years, especially in the Management's Discussion and Analysis section,
  their most recent Quarterly Reports on Form 10-Q and their Current Reports on Form 8-K. NPS and Enzon are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of
  new information, future events or otherwise.
  Additional
  Information And Where To Find It
  In
  connection with the proposed NPS/Enzon merger, NPS, Enzon and Momentum Merger Corporation (which will be renamed by NPS and Enzon in connection with the proposed merger) intend to file a joint proxy statement/prospectus with the Securities and
  Exchange Commission (the "SEC") in connection with the transaction described herein. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT
  INFORMATION ABOUT THE TRANSACTION DESCRIBED HEREIN. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents filed by NPS and Enzon with the SEC at the SEC's web
  site at www.sec.gov or by contacting NPS at 801-583-4939 and through NPS's website at www.npsp.com, or by contacting Enzon at 908-541-8678 and through Enzon's website at 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 herein will be included in the joint proxy statement/prospectus described above. Additional information regarding these directors and executive officers is also included in NPS' proxy statement for its 2002 Annual Meeting of
  Stockholders, which was filed with the SEC on or about April 19, 2002. This document is available free of charge at the SEC's web site at www.sec.gov or by contacting NPS at 801-583-4939 and through NPS' website at [www.npsp.com]
  5
  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 will be 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 www.sec.gov or by contacting Enzon at 908-541-8678.
  Susan Mesco
  Director, Investor Relations
  Enzon, Inc.
  +1-732-980-4577
  David L. Clark
  Vice President, Operations
  NPS Pharmaceuticals, Inc.
  +1-801-583-4939
  Ernie Knewitz (Media)
  Noonan Russo Presence Euro RSCG
  +1-212-845-4253
  SOURCE:    NPS Pharmaceuticals, Inc.; Enzon Pharmaceuticals, Inc.
  CONTACT:    Contact: Susan Mesco, Director, Investor
  Relations of Enzon, Inc., +1-732-980-4577; or David L. Clark, Vice President, Operations of NPS Pharmaceuticals, Inc., +1-801-583-4939, or Media—Ernie Knewitz of Noonan Russo Presence Euro RSCG, +1-212-845-4253, for both, NPS Pharmaceuticals,
  Inc. and Enzon Pharmaceuticals, Inc. URL: http://www.enzon.com
  http://www.prnewswire.com
  Copyright © 2003 PR Newswire. All rights reserved.
  The reports filed by NPS with the Securities and Exchange Commission and the news releases issued by NPS and posted on this website are
  current only as of the dates on which they were filed or issued by NPS. Therefore, the contents of these reports and releases can become outdated. We make no commitment, and disclaim any duty, to update these reports and releases. We do not warrant
  the accuracy or completeness of these materials or the reliability of any advice, opinion, statement or other information displayed or distributed through the website. Readers acknowledge that any reliance on these reports, releases, advice,
  opinions, statements, or information are at the reader's sole risk."
  6
  SIGNATURES
  Pursuant to the requirements of the
  Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  Date: February 21, 2003
  NPS PHARMACEUTICALS, INC.
  By:
  /
  S
  /    J
  AMES
  U.
  J
  ENSEN
  James U. Jensen
  Vice President, General Counsel and Secretary
  7
  EXHIBIT
  INDEX
  Exhibit Number
  Description
  2.1
  Agreement and Plan of Reorganization, dated as of February 19, 2003, by and among NPS
  Pharmaceuticals, Inc., Enzon Pharmaceuticals, Inc., Momentum Merger Corporation, Newton Acquisition Corporation and Einstein Acquisition Corporation.
  99.1
  Form of Voting Agreement, between NPS Pharmaceuticals, Inc. and certain stockholders
  of Enzon Pharmaceuticals, Inc.
  99.2
  Form of Voting Agreement, between Enzon Pharmaceuticals, Inc. and certain
  stockholders of NPS Pharmaceuticals, Inc.
  8