Genzyme at buy by Merrill

Merrill Lynch analyst Eric Ende rated Genzyme Corp. at a buy. The analyst believes the company is at risk of overbidding for Anormed at possibly $13 per share in cash to top Millennium Pharmaceutical Inc.'s bid of $12 per share, while $8.50 to $10.50 per share is more appropriate. To justify a $13 per share bid, worldwide Mozobil peak sales would need to reach $200 million. Shares of the Cambridge, Mass.-based biotechnology company were up 2 cents, or 0.03%, at $69.61. (Nasdaq: GENZ)

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