Healthcare Industry News: AnorMED
News Release - October 27, 2006
Genzyme Extends Deadline for Tender Offer to Acquire AnorMED Inc.CAMBRIDGE, Mass., Oct. 27 (HSMN NewsFeed) -- Genzyme Corporation (Nasdaq: GENZ ) announced today that it has extended its offer to acquire the outstanding shares of AnorMED Inc. (Nasdaq: ANOR ; TSX: AOM ) of Vancouver, British Columbia until 8:00 a.m. Vancouver time on November 7, 2006. Prior to this extension, Genzyme's offer was set to expire at 8:00 a.m. Vancouver time on November 6, 2006. Genzyme extended its offer after receiving confirmation that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 is expected to expire at 11:59 p.m. New York City time on November 6, 2006, unless the Federal Trade Commission requests additional information or grants early termination.
Genzyme announced on October 17, 2006 that it had entered into a support agreement with AnorMED under which Genzyme will acquire AnorMED in an all cash transaction valued at $13.50 per outstanding share, or approximately $580 million. Genzyme may elect to extend its offer again by giving notice of such extension to AnorMED shareholders, a copy of which will be filed with the securities regulatory authorities in Canada and the United States and which should also be made available by such authorities through the Internet at http://www.sedar.com or http://www.sec.gov. As of 9:00 a.m. New York City time on October 27, 2006, approximately 52,468 AnorMED shares had been tendered and not withdrawn to Genzyme's offer.
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. This year marks the 25th anniversary of Genzyme's founding. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 8,500 employees in locations spanning the globe and 2005 revenues of $2.7 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 more than 80 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, orthopedics, cancer, transplant and immune diseases, and diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as heart disease and other areas of unmet medical need.
Important Information Regarding the Tender Offer
Investors and security holders are urged to read the disclosure documents filed with the Securities and Exchange Commission (the "SEC") from time to time, including the tender offer statement filed on September 1, 2006, as amended, regarding the tender offer by Genzyme's wholly owned subsidiary, Dematal Corp., for all of the outstanding common shares of AnorMED. Investors and security holders may obtain a free copy of the disclosure documents and other documents filed by Genzyme or Dematal with the SEC at the SEC's website at www.sec.gov. In addition, documents filed with the SEC by Genzyme or
Dematal may be obtained free of charge from Genzyme by directing a request to Sally Curley at (617) 768-6140.
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