October 04, 2010 10:56 AM Eastern Time
Genzyme Board Urges Shareholders to Take No Action On Sanofi-Aventis’
Unsolicited Tender Offer
Board Will Review Offer and Advise Shareholders of its Position
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Genzyme
Corp. (NASDAQ: GENZ) said today that its board of directors urged
shareholders to take no action on an unsolicited tender offer from
Sanofi-Aventis to acquire all outstanding common shares of Genzyme for
$69 per share. Genzyme’s board will review the offer, together with its
independent financial and legal advisors, and will advise shareholders
of its formal position within ten business days by filing with the
Securities and Exchange Commission a solicitation/recommendation
statement on Schedule 14D-9.
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 12,000 employees in locations
spanning the globe and 2009 revenues of $4.5 billion. In 2010, Genzyme
was named to the Fortune 500.
With many established products and services helping patients in 100
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 immune disease. Genzyme's
commitment to innovation continues today with a substantial development
program focused on these fields, as well as cardiovascular disease,
neurodegenerative diseases, and other areas of unmet medical need.
Genzyme will file with the Securities and Exchange Commission a
Solicitation/Recommendation Statement on Schedule 14D-9. Genzyme
shareholders are advised to read the company's
Solicitation/Recommendation Statement on Schedule 14D-9 when it becomes
available because it will contain important information. Shareholders
may obtain a free copy of the Solicitation/Recommendation Statement on
Schedule 14D-9, as well as any other documents filed by Genzyme in
connection with the tender offer by Sanofi-Aventis, free of charge at
the SEC's website at http://www.sec.gov.
In addition, investors and security holders will be able to obtain free
copies of these documents from Genzyme by directing a request to Genzyme
at 500 Kendall Street, Cambridge, MA 02142, Attention: Shareholder
Relations Department, or by calling 617-252-7500 and asking for the
Shareholder Relations Department.
Genzyme’s press releases and other company information are available at 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.