GENZYME COMPLETES ACQUISITION OF ANORMED

Genzyme and Canadian drugmaker AnorMED have announced 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 outstanding shares, tendered in the offer.

"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," Henri Termeer, chairman and CEO of Genzyme, said. "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."

Mozobil is in development for hematopoietic stem cell transplantation. The drug is currently in Phase III clinical trials, and AnorMED said it expects it to be launched in 2008. Studies show the drug rapidly increases the number of stem cells circulating in the blood, which would help prepare a patient for a stem cell transplant, Genzyme said. Approximately 55,000 stem cell transplants are used each year to treat conditions like multiple myeloma and non-Hodgkin's lymphoma, according to the company.

Genzyme plans to bring Mozobil to more than 50 countries through its existing global transplant business, the company said.