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Genzyme Corporation (NASDAQ: GENZ) is a biotechnology company based in Cambridge, Massachusetts. Genzyme is the world’s third biggest biotechnology company employing over 9,000 people around the world. At present, the company has approximately 80 locations in 40 countries. It includes 17 manufacturing facilities and 9 genetic testing laboratories. The company’s products are available in nearly 90 countries. In 2006, Genzyme generated $3.2 billion in revenues with more than 25 products in the world’s markets. The company is also involved in philanthropic acts, donating $83 million in global product donations and $11 million in cash contributions in 2006. In 2006 and 2007 Genzyme was named one of Fortune Magazine’s “100 Best Companies to Work for.” Additionally in 2007, Genzyme was awarded the National Medal of Technology, the highest level of honor awarded by the President of the United States to America’s leading innovators.
The company, started by a small group of scientists in 1981, was primarily devoted to finding drugs that would cure enzyme deficiency conditions that were essential to one’s survival and which usually afflict a very small percentage of the world’s population. Drugs used to treat such conditions are termed “orphan drugs.” In 1986, the company went public raising $27 million.
Genzyme focuses on six areas of medicine relating to lysosomal storage diseases, renal disease, orthopedics, transplant and immune diseases, oncology, genetics and diagnostics. The first orphan-drug for Genzyme that FDA approved was Ceredase, a drug for treating Gaucher disease. Other important drugs made by Genzyme are Renagel, used in treatment of dialysis patients, and Fabrazyme, used to treat patients with Fabry's disease. Other products in development are Tolevamer for Clostridium dificile colitis disease and Campath for multiple sclerosis.
Genzyme had a sub-license from Bioenvision to market Clofarabine in North America. Bioenvision had the rights to Clofarabine in the rest of the world. On Tuesday, May 29, 2007 Genzyme made a tender offer to purchase Bioenvision for $5.60 per share. Bioenvision management and the board of directors tendered their shares via an agreement prior to the announcement. However, not many other shareholders did and the tender offer closed without Genzyme acquiring their necessary 51% of Bioenvision. Those against the purchase felt that Genzyme's offered price was too low. On October 27, 2007, however, a majority of shareholder did vote to approve Genzyme's acquisition at the exact same price ($345 million, or $5.60 per share) as the original tender offer in May.)
|This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Genzyme". A list of authors is available in Wikipedia.|