CAMBRIDGE, Mass., May 29 /PRNewswire-FirstCall/ -- Genzyme Corp.
(Nasdaq: GENZ) announced today that its board of directors has authorized
the repurchase of up to $1.5 billion or 20 million of the company's
outstanding common shares over the next three years. The share repurchase
program is designed to reduce the dilutive effect of the company's equity
compensation programs, and it reflects Genzyme's confidence in the
long-term value of its common stock.
Under the program, share purchases may be made from time to time on the
open market, in privately negotiated transactions or by other means, at
management's discretion. The manner of the purchases, the amount that the
company spends and the number of shares it ultimately purchases will vary
based on a range of factors, including share price. The share repurchase
program will be funded through operating cash flow and is expected to be
accretive to Genzyme's earnings per share.
This press release contains forward-looking statements, including
statements regarding the repurchase of Genzyme's common stock and the
effect of the repurchases on Genzyme's earnings. These statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those projected in these forward-looking statements.
These risks and uncertainties include, among others, market conditions,
trading restrictions, alternative requirements for available cash and the
risks and uncertainties described in our SEC reports filed under the
Securities Exchange Act of 1934, including the factors discussed under the
caption "Risk Factors" in Genzyme's Quarterly Report on Form 10-Q for the
period ended March 31, 2007. We caution investors not to place undue
reliance on the forward-looking statements contained in this document.
These statements speak only as of the date of this document and we
undertake no obligation to update or revise the statements.
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 diagnostic testing. Genzyme's
commitment to innovation continues today with a substantial development
program focused on these fields, as well as immune disease, infectious
disease, and other areas of unmet medical need.
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:
Dan Quinn Sally Curley
(617) 768-6849 (617) 768-6140
SOURCE Genzyme Corp.
 back to top
Related links:
http://www.genzyme.com/
http://www.prnewswire.com/comp/113803.html/
CONTACT:
Media: Dan Quinn, +1-617-768-6849, or
Investors: Sally Curley, +1-617-768-6140, both of Genzyme Corp.
|
