Genzyme and Bone Care International Announce Merger

Genzyme Corporation and Bone Care International announced that they have signed a definitive merger agreement under which Genzyme will acquire Bone Care in an all cash transaction valued at $33.00 per fully diluted share, or approximately $600 million, net of Bone Care's cash of $119 million. With the close expected in the third quarter of the year, Genzyme expects the transaction to be neutral in 2005, and accretive beyond. Genzyme will provide specific advice upon completion of purchase accounting.

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