Genzyme Corporation (Nasdaq: GENZ) and AnorMED Inc. (Nasdaq: ANOR; TSE: AOM) has recently executed a mutually beneficial support agreement under which Genzyme will acquire AnorMED in an all cash transaction valued at $13.50 per outstanding share, or approximately $580 million.
By the power of the said transaction, Genzyme is acquiring MOZOBIL, AnorMED’s leading late-stage product candidate in development for hematopoietic stem cell transplantation, currently under testing in Phase 3 clinical trials and is expected to be launched in 2008.
According to Henri A. Termeer, chairman and chief executive officer of Genzyme Corporation:
"We are very pleased to have reached agreement with AnorMED, and look forward to completing the development and commercialization of MOZOBIL.
We believe that MOZOBIL will be an important therapeutic advance in the field of stem cell ransplantation, and are eager to utilize our global clinical, regulatory and commercial infrastructure to ensure that it reaches patients around the world.
This is a strategic fit for us that complements our existing transplant and oncology businesses."
Genzyme's acquisition of AnorMED will take the form of an all cash tender offer to acquire all outstanding shares of AnorMED, which will expire at 8:00 a.m. (Vancouver time) on November 6, 2006.
Find more details of the acquisition terms from the press releases at Genzyme and AnorMED.
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