CAMBRIDGE, Mass., Feb. 28 /PRNewswire-FirstCall/ -- The board of
directors for Genzyme Corporation (Nasdaq: GENZ) today voted on two issues
related to the composition of the board. First, it determined that Robert
J. Carpenter now qualifies as an independent director, increasing the
percentage of the company's directors that are independent from 67 percent
to 78 percent. In addition, the board nominated two directors to stand for
reelection.
Gail K. Boudreaux and Douglas A. Berthiaume will be up for reelection
to one-year terms at the 2007 annual meeting of shareholders in May.
Previously, directors had been elected to serve three-year terms. This
change is a result of a company-sponsored proposal to phase in the annual
election of all directors that was approved by shareholders at the 2006
annual meeting.
Director Henry E. Blair, whose term also expires in May, will not be
seeking reelection to the board. Mr. Blair, who co-founded Genzyme in 1981
and has served on the board since that time, will complete his current
term. Prior to co-founding Genzyme, Mr. Blair worked for Tufts University
School of Medicine for approximately 20 years, the last seven of which were
increasingly focused on a program on enzyme replacement therapy for Gaucher
disease. Genzyme's first therapeutic program was a treatment for Gaucher
disease, which ultimately developed into Cerezyme, the company's flagship
product.
"Henry helped build the foundation that has enabled Genzyme to become
the successful, patient-focused company that it is today," said Henri A.
Termeer, chairman and chief executive officer of Genzyme Corp. "He has
played an integral role in our growth and we are grateful for his many
years of dedicated service."
Mr. Blair is currently chairman and chief executive officer of Dyax
Corp., a developer of novel biotherapeutics for unmet medical needs. He has
been a director and officer of Dyax since co-founding it in 1989. Prior to
Dyax, Mr. Blair served as Genzyme's senior vice president of scientific
affairs from the company's founding until 1989. He was also a co-founder of
Biocode Inc. and GelTex Pharmaceuticals Inc., and was a director of
Esperion Therapeutics Inc. prior to its acquisition by Pfizer Inc. in 2004.
"The 26 years that I will have spent working with Genzyme have been
fulfilling. Especially rewarding has been the opportunity to contribute to
programs which were on the forefront of bringing therapies to orphan
indications," said Mr. Blair. "My decision not to seek reelection is based
upon a need to focus all of my attention on continuing to build Dyax into a
successful biotechnology company."
At the end of Mr. Blair's term, all members of the board, aside from
Mr. Termeer, will be independent directors. The board will operate with
eight directors until the nominating and corporate governance committee
decides whether to nominate a ninth person for election.
Three directors were elected to three-year terms in 2006. Once their
terms expire in 2009, all directors will be elected annually. With his new
qualification as an independent director, Mr. Carpenter will join the
board's compensation committee and its nominating and corporate governance
committee.
About Genzyme
One of the world's leading biotechnology companies, Genzyme is
dedicated to making a major positive impact on the lives of people with
serious diseases. Since 1981, the company has grown from a small start-up
to a diversified enterprise with more than 9,000 employees in locations
spanning the globe and 2006 revenues of $3.2 billion. Genzyme has been
selected by FORTUNE as one of the "100 Best Companies to Work for" in the
United States.
With many established products and services helping patients in nearly
90 countries, Genzyme is a leader in the effort to develop and apply the
most advanced technologies in the life sciences. The company's products and
services are focused on rare inherited disorders, kidney disease,
orthopaedics, cancer, transplant and immune diseases, and diagnostic
testing. Genzyme's commitment to innovation continues today with a
substantial development program focused on these fields, as well as heart
disease and other areas of unmet medical need.
Genzyme(R) is a registered trademark of Genzyme Corporation. All rights
reserved.
Genzyme's press releases and other company information are available at
http://www.genzyme.com and by calling Genzyme's investor information line at
1-800-905-4369 within the United States or 1-703-797-1866 outside the
United States.
Media Contact: Investor Contact:
Erin Emlock Kristen Galfetti
(617) 768-6923 (617) 768-6563
SOURCE Genzyme Corporation
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http://www.genzyme.com
http://www.prnewswire.com/comp/113803.html /
CONTACT:
Media Contact: Erin Emlock, +1-617-768-6923,
or Investor Contact: Kristen Galfetti, +1-617-768-6563, both of
Genzyme Corporation
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