Genzyme Corporation Moves Closer to Acquiring Bioenvision, Inc.
Genzyme Corporation (Nasdaq: GENZ) announced today that a motion for a preliminary injunction to delay its proposed acquisition of Bioenvision, Inc. (Nasdaq: BIVN) has been withdrawn in the Delaware Court of Chancery. With this legal challenge no longer at issue, Genzyme expects to acquire a majority ownership stake in Bioenvision early next week.
“We are very pleased with this action and have every expectation that we will soon be in a position to close this transaction,” stated Mark J. Enyedy, president of Genzyme Oncology, a business unit of Genzyme Corporation. “Many Bioenvision shareholders have already tendered their shares and we look forward to others doing so over the next several days.”
The request for a preliminary injunction against the transaction was voluntarily withdrawn yesterday following further disclosures by Genzyme and Bioenvision. As a result, the lawsuit no longer seeks to enjoin the completion of the tender offer and Genzyme will be able to purchase Bioenvision shares tendered. The tender offer is scheduled to expire on July 2 and Genzyme expects to acquire a majority ownership position in Bioenvision at that time.
One of the world’s leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 9,000 employees in locations spanning the globe and 2006 revenues of $3.2 billion. Genzyme has been selected by FORTUNE as one of the “100 Best Companies to Work for” in the United States.
With many established products and services helping patients in nearly 90 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company’s products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant, and diagnostic testing. Genzyme’s commitment to innovation continues today with a substantial development program focused on these fields, as well as immune disease, infectious disease, and other areas of unmet medical need.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.