CAMBRIDGE, Mass., Aug. 9 /PRNewswire-FirstCall/ -- Genzyme Corp.
(Nasdaq: GENZ) today announced that it has reached an agreement in
principle to settle a class action lawsuit brought by a group of
shareholders following the consolidation of Genzyme's tracking stock
structure in 2003.
Under the terms of the settlement, Genzyme will pay a total of $64
million to a class of shareholders who held Genzyme Biosurgery stock on May
8, 2003. This settlement will result in the dismissal of the case in U.S.
District Court for the Southern District of New York, which, in turn,
Genzyme believes will result in the dismissal of a related case currently
pending in the Massachusetts Superior Court. The terms of the settlement
are subject to court approval.
Genzyme believes that settling the case at this time is in the best
interests of all parties, and continues to believe that its consolidation
of the tracking stock structure was done in accordance with the terms of
the company's charter, and to the long-term benefit of its shareholders.
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 9,500 employees in locations
spanning the globe and 2006 revenues of $3.2 billion. In 2007, Genzyme was
chosen to receive the National Medal of Technology, the highest honor
awarded by the President of the United States for technological innovation.
In 2006 and 2007, Genzyme was 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(R) is a registered trademark of Genzyme Corporation. All rights
reserved.
This press release contains forward-looking statements, including the
statements regarding the proposed settlement of the class action lawsuit
related to the consolidation of Genzyme's tracking stock structure and the
expected dismissal of similar litigation currently pending in the
Massachusetts Superior Court. 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, our ability to negotiate final terms
of a settlement agreement, our ability to obtain approval from the court,
plaintiffs, and plaintiffs' counsel for the settlement terms, and the risks
and uncertainties described in reports filed by Genzyme with the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as
amended, including without limitation the information under the heading
"Risk Factors" in the Management's Discussion and Analysis of Financial
Condition and Results of Operations section of the Genzyme Quarterly Report
on Form 10-Q for the quarter ending June 30, 2007. Genzyme cautions
investors not to place substantial reliance on the forward-looking
statements contained in this press release. These statements speak only as
of the date of this press release, and Genzyme undertakes no obligation to
update or revise the statements.
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.
Media Contact: Investor Contact:
Dan Quinn Sally Curley
(617) 768-6849 (617) 768-6140
SOURCE Genzyme
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Related links:
http://www.genzyme.com
http://www.prnewswire.com/comp/104284.html /
CONTACT:
Media Contact - Dan Quinn, +1-617-768-6849;
Investor Contact - Sally Curley, +1-617-768-6140, both of Genzyme
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