Genzyme and AnorMED Reach Agreement on Acquisition
Genzyme Corporation and AnorMED Inc. have announced that they have 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.
Through this transaction, Genzyme is acquiring MOZOBIL, a late-stage product candidate in development for hematopoietic stem cell transplantation.
MOZOBIL is being tested in Phase 3 clinical trials and is expected to launch in 2008.
"We are very pleased to have reached agreement with AnorMED, and look forward to completing the development and commercialization of MOZOBIL," stated Henri A. Termeer, chairman and chief executive officer of Genzyme Corporation.
"We believe that MOZOBIL will be an important therapeutic advance in the field of stem cell transplantation, 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."
Kenneth Galbraith, the chairman of the board and interim chief executive Officer of AnorMED, said, "AnorMED's Board of Directors, in consultation with its Strategic Initiatives Committee and with the advice of its financial and legal advisors, believes the amended $13.50 per share offer represents the best alternative currently available to AnorMED shareholders and provides a certain and fair value for AnorMED shareholders."
"The Board unanimously recommends that AnorMED shareholders accept and tender their shares to the amended Genzyme offer."
Kenneth Galbraith and the Baker Bros. affiliates have signed shareholder support agreements with Genzyme to tender their shares to Genzyme's amended bid when it is filed, subject to their ability to withdraw such support in the event of a superior competing proposal prior to the expiry of the Genzyme offer.