Issue Date: June 4, 2007
Genzyme To Acquire Partner Bioenvision
Genzyme has agreed to pay $345 million for Bioenvision, a New York City-based firm that buys and develops cancer drugs and anti-infective technologies. The companies previously partnered to market clofarabine, which is approved in the U.S. and Europe to treat a type of leukemia. Bioenvision's portfolio also includes Modrenal, a breast cancer drug, and a pipeline of drugs to treat autoimmune and infectious diseases. The deal has been approved by Bioenvision's board, and Genzyme expects to complete it in July. However, SCO Capital Partners, owner of a 13.4% stake in Bioenvision, reportedly opposes the purchase on the grounds that it undervalues the firm.
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