Request for Preliminary Injunction to Prevent Transaction is Withdrawn
CAMBRIDGE, Mass., June 27 /PRNewswire-FirstCall/ -- Genzyme Corporation
(Nasdaq: GENZ) announced today that a motion for a preliminary injunction
to delay its proposed acquisition of Bioenvision, Inc. (Nasdaq: BIVN) has
been withdrawn in the Delaware Court of Chancery. With this legal challenge
no longer at issue, Genzyme expects to acquire a majority ownership stake
in Bioenvision early next week.
"We are very pleased with this action and have every expectation that
we will soon be in a position to close this transaction," stated Mark J.
Enyedy, president of Genzyme Oncology, a business unit of Genzyme
Corporation. "Many Bioenvision shareholders have already tendered their
shares and we look forward to others doing so over the next several days."
The request for a preliminary injunction against the transaction was
voluntarily withdrawn yesterday following further disclosures by Genzyme
and Bioenvision. As a result, the lawsuit no longer seeks to enjoin the
completion of the tender offer and Genzyme will be able to purchase
Bioenvision shares tendered. The tender offer is scheduled to expire on
July 2 and Genzyme expects to acquire a majority ownership position in
Bioenvision at that time.
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.
Important Information Regarding the Tender Offer
Bioenvision investors and security holders are urged to read the
disclosure documents filed with the Securities and Exchange Commission (the
"SEC") from time to time, including the tender offer statement filed on
June 4, 2007, as amended, regarding the tender offer by Genzyme's wholly
owned subsidiary, Wichita Bio Corporation, for all of the outstanding
shares of Bioenvision, Inc. Investors and security holders may obtain a
free copy of the disclosure documents and other documents filed by Genzyme
or Wichita Bio with the SEC at the SEC's website at http://www.sec.gov. In
addition, documents filed with the SEC by Genzyme or Wichita Bio may be
obtained free of charge from Genzyme by directing a request to Sally Curley
at (617)768-6140.
Safe Harbor Statement
This press release contains forward-looking statements, including the
statements regarding: expectations on the completion of the tender offer,
Genzyme's anticipated ownership stake in Bioenvision at the conclusion of
the tender offer, and the outcome of any litigation related to the tender
offer. 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, the possibility that certain closing conditions will not be met;
that a majority of Bioenvision stockholders may not tender their shares and
that other litigation matters may arise. 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.
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 1-678-999-4572 outside the
United States.
Investors Media
Carol Miceli Maria Cantor
(617) 768-6602 (617) 768-6690
SOURCE Genzyme Corporation
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Related links:
http://www.genzyme.com
http://www.prnewswire.com/comp/104284.html/
CONTACT:
Investors, Carol Miceli, +1-617-768-6602, or
Media, Maria Cantor, +1-617-768-6690, both of Genzyme Corporation
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