Genzyme completes tender offer for Bioenvision shares

By Lisa Kerner

Charlotte, N.C., July 10 - Genzyme Corp. expects to purchase some 22% of the outstanding shares of Bioenvision, Inc. common stock, including the 100% of outstanding shares of preferred stock already tendered, in its offer ended July 10.

As previously reported, the company extended the tender offer from July 2 and waived the requirement that at least 50% of the outstanding common shares of Bioenvision be tendered in the offer.

Genzyme received tenders for 8,706,644 shares of Bioenvision common stock. In addition, 2,250,000 shares of Bioenvision preferred stock had been tendered and not withdrawn, the company said.

Bioenvision agreed on May 29 to be acquired by Genzyme in an all-cash transaction valued at $5.60 per outstanding common share and $11.20 per outstanding preferred share, or approximately $345 million.

Genzyme is a biotechnology company based in Cambridge, Mass.

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