Acquisition to Strengthen Transplant and Oncology Businesses
CAMBRIDGE, Mass. and VANCOUVER, B.C., Nov. 7 /PRNewswire-FirstCall/ --
Genzyme Corporation (Nasdaq: GENZ) and AnorMED Inc. (Nasdaq: ANOR; TSX:
AOM) announced today the completion of Genzyme's tender offer to acquire
all of the outstanding shares of AnorMED for $13.50 per share, or
approximately $584 million. All of the conditions to Genzyme's tender offer
were satisfied, and Genzyme has accepted for payment and paid for
approximately 41.5 million shares, or 96 percent of shares outstanding,
tendered in the offer.
Following acquisition of these shares, Genzyme completed a compulsory
acquisition of all remaining AnorMED shares not tendered into the offer.
Genzyme will also apply to have AnorMED shares delisted from Nasdaq and the
Toronto Stock Exchange so that the shares will cease trading and AnorMED
will no longer be a reporting issuer in the U.S. and Canada.
"We are very pleased to complete the acquisition of AnorMED, which
broadens Genzyme's presence in transplantation and oncology through the
introduction of a promising new product candidate for stem cell
transplantation," said Henri A. Termeer, chairman and chief executive
officer, Genzyme. "We are now working to bring about an efficient
integration of the two companies that enables us to rapidly complete the
development of Mozobil and introduce it to patients worldwide."
Enrollment is complete in a pivotal Phase 3 trial for Mozobil in
multiple myeloma and a second pivotal Phase 3 trial in non-Hodgkin's
lymphoma. Mozobil has been shown in multiple earlier studies to rapidly
increase the number of stem cells in circulation in the blood, an important
step in preparing a patient for a stem cell transplant. Increasing the
number of stem cells collected can improve patient outcomes in two ways: by
helping patients who were previously not eligible to meet the target ranges
needed for a transplant; and by raising the level of stem cells collected
in those already eligible, thereby improving the viability of the
transplant.
Genzyme plans to commercialize Mozobil through its existing global
transplant business to hematologists and bone marrow transplant centers in
more than 50 countries throughout the world.
The transaction is expected to be dilutive to Genzyme's GAAP earnings
through 2008 and accretive in 2009. In association with the acquisition,
Genzyme anticipates it will incur certain one time charges, which will be
detailed after completion of the purchase accounting.
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. This year marks the 25th anniversary of Genzyme's
founding. Since 1981, the company has grown from a small start-up to a
diversified enterprise with more than 8,500 employees in locations spanning
the globe and 2005 revenues of $2.7 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 more
than 80 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,
orthopedics, 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 or its
subsidiaries. All rights reserved.
This press release contains forward-looking statements, including the
statements regarding: the delisting of the AnorMED shares from Nasdaq and
the Toronto Stock Exchange, Genzyme's ability to rapidly complete the
development of Mozobil and commercialize the product on a worldwide basis,
the anticipated therapeutic benefit of Mozobil and Genzyme's
commercialization plans for the product. 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, Genzyme's inability to meet
the acquisition and development timelines anticipated; Genzyme's inability
to successfully integrate AnorMED's operations and programs with its own
business due to misestimates of the time and resources required to do so,
or for other reasons; the uncertainties associated with the results or
timing of the Mozobil clinical studies, including unanticipated delays or
unfavorable safety or efficacy data; the failure of Mozobil to receive
regulatory approvals for the label or on the schedule expected; the failure
of Mozobil to receive favorable pricing or reimbursement; the possible
inaccuracies of Genzyme's analysis with respect to markets and number of
potential patients for Mozobil; 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 "Factors Affecting Future
Operating Results" 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 September 30, 2006. 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 1-703-797-1866 outside the
United States.
CONTACTS:
For AnorMED For Genzyme
Kenneth Galbraith (investors) Carol Miceli (investors)
(604) 889-5320 (617) 768-6602
Karen Cook Boas (media) Dan Quinn (media)
(604) 742-4252 (617) 768-6849
SOURCE Genzyme
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Related links:
http://www.genzyme.com/
http://www.prnewswire.com/comp/104284.html /
CONTACT:
Kenneth Galbraith (investors),
+1-604-889-5320, or Karen Cook Boas (media), +1-604-742-4252,
both for AnorMED; or Carol Miceli (investors), +1-617-768-6602,
or Dan Quinn (media), +1-617-768-6849, both for Genzyme
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