CAMBRIDGE, Mass., and NEW YORK, Oct. 22 /PRNewswire-FirstCall/ --
Genzyme Corporation (Nasdaq: GENZ) and Bioenvision, Inc. (Nasdaq: BIVN)
announced this afternoon that Bioenvision stockholders have voted to
approve the acquisition of the company by Genzyme at a reconvened special
shareholder meeting in New York. The transaction will be effective
tomorrow. Bioenvision shares have now ceased trading and the company will
be delisted from Nasdaq.
Fifty-six percent of Bioenvision's issued and outstanding shares of
common stock and preferred stock, voting together as a single class on an
as converted basis, supported the merger. This represents approximately 67
percent of the total shares voted.
With its acquisition of Bioenvision, Genzyme takes a significant step
in enhancing its existing oncology business by gaining the exclusive,
worldwide rights to clofarabine.
"We are very pleased that Bioenvision shareholders voted to support
this merger," stated Mark J. Enyedy, president of Genzyme Oncology, a
business unit of Genzyme Corporation. "We are deeply committed to
furthering the clinical development of clofarabine and making it available
on a global basis so that patients around the world with these very
difficult forms of cancer will have access to the therapy. The successful
completion of this acquisition creates the platform on which we will
continue to build an international commercial presence for our oncology
business."
Genzyme acquires Bioenvision in an all cash transaction valued at $5.60
per share, or approximately $345 million.
Christopher B. Wood, M.D., chairman and chief executive officer of
Bioenvision, said, "We are pleased to conclude this merger process and we
respect our shareholders' participation and opinions in this regard. We are
confident in Genzyme's commitment to advance clofarabine, aided by their
established clinical, regulatory and commercial infrastructure, and their
already significant U.S. commercial experience with the compound."
Clofarabine is branded as Clolar(R) in the U.S. and Canada, where it is
marketed by Genzyme for relapsed and refractory pediatric ALL patients. In
Europe, Bioenvision and Genzyme co-developed clofarabine and Bioenvision
currently markets the product under the brand name Evoltra(R), also for the
treatment of relapsed and refractory pediatric ALL patients.
The companies have been developing clofarabine for significantly larger
indications, including use as a first-line therapy for the treatment of
adult acute myeloid leukemia (AML). Clofarabine has been granted orphan
drug status for ALL and AML in both the United States and European Union.
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.
This press release contains forward-looking statements, including
statements about the closing of acquisition of Bioenvision. 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 the transaction is not completed; the possibility that
certain closing conditions are not met, and the other 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(R) and Clolar(R) are registered trademarks of Genzyme
Corporation. Evoltra(R) is a registered trademark of Bioenvision, Inc. 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.
CONTACTS:
For Genzyme For Bioenvision
Catherine E. Forte (investors) James S. Scibetta (investors)
(617) 768-6881 (212) 750-6700
Maria E. Cantor (media) Sondra S. Newman (media)
(617) 768-6690 (617) 877-5687
SOURCE Genzyme Corporation
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Related links:
http://www.genzyme.com
http://www.prnewswire.com/comp/104284.html/
CONTACT:
investors, Catherine E. Forte,
+1-617-768-6881, or media, Maria E. Cantor, +1-617-768-6690, both
for Genzyme Corporation, or investors, James S. Scibetta,
+1-212-750-6700, or media, Sondra S. Newman, +1-617-877-5687,
both for Bioenvision
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