Genzyme Corporation Moves Closer to Acquiring Bioenvision, Inc.
June 27 2007 - 1:30PM
PR Newswire (US)
Request for Preliminary Injunction to Prevent Transaction is
Withdrawn CAMBRIDGE, Mass., June 27 /PRNewswire-FirstCall/ --
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Bioenvision, Inc. (NASDAQ:BIVN) has been withdrawn in the Delaware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voluntarily withdrawn yesterday following further disclosures by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. About
Genzyme 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. Important Information Regarding the Tender Offer
Bioenvision 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 June 4, 2007, as amended, regarding the
tender offer by Genzyme's wholly owned subsidiary, Wichita Bio
Corporation, for all of the outstanding shares of Bioenvision, Inc.
Investors and security holders may obtain a free copy of the
disclosure documents and other documents filed by Genzyme or
Wichita Bio with the SEC at the SEC's website at
http://www.sec.gov/. In addition, documents filed with the SEC by
Genzyme or Wichita Bio may be obtained free of charge from Genzyme
by directing a request to Sally Curley at (617)768-6140. Safe
Harbor Statement This press release contains forward-looking
statements, including the statements regarding: expectations on the
completion of the tender offer, Genzyme's anticipated ownership
stake in Bioenvision at the conclusion of the tender offer, and the
outcome of any litigation related to the tender offer. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected in these
forward- looking statements. These risks and uncertainties include,
among others, the possibility that certain closing conditions will
not be met; that a majority of Bioenvision stockholders may not
tender their shares and that other litigation matters may arise. We
caution investors not to place undue reliance on the
forward-looking statements contained in this document. These
statements speak only as of the date of this document and we
undertake no obligation to update or revise the statements.
Genzyme(R) is a registered trademark of Genzyme Corporation. All
rights reserved. Genzyme's press releases and other company
information are available at http://www.genzyme.com/ and by calling
Genzyme's investor information line at 1-800-905-4369 within the
United States, or 1-678-999-4572 outside the United States.
Investors Media Carol Miceli Maria Cantor (617) 768-6602 (617)
768-6690 DATASOURCE: Genzyme Corporation CONTACT: Investors, Carol
Miceli, +1-617-768-6602, or Media, Maria Cantor, +1-617-768-6690,
both of Genzyme Corporation Web site: http://www.genzyme.com/
Company News On-Call: http://www.prnewswire.com/comp/104284.html
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