Genzyme reports increased Q3 revenue despite low Synvisc sales, awaits news on AnorMED merger

By Jennifer Lanning Drey

Portland, Ore., Oct. 12 - Genzyme Corp. reported 14% revenue growth for the third quarter over last year but said Synvisc (hylan G-F 20) sales were a weak spot during the period.

Genzyme also said it continues to hope for a merger with AnorMED, which the company believes will lead to increased New Drug Application filings in the United States and Europe through AnorMED's product candidate Mozobil.

Genzyme also expects that second-generation Synvisc programs in its pipeline could improve the market dynamics for Synvisc, Henri A. Termeer, Genzyme's chief executive officer, said Thursday during a company conference call.

Synvisc is indicated for the treatment of knee pain caused by osteoarthritis, and the product suffered from increased competition in the viscosupplementation market.

Genzyme is studying two possible next-generation products that may reduce the number of Synvisc injections required for treatment.

"We feel a very robust sense of future here," Termeer said, adding that the company considers a single-injection form of Synvisc to be "the holy grail of the marketplace."

Genzyme is comparing a single injection of Synvisc 2 with a placebo in a pivotal study. Results of the Synvisc 2 trial are expected during the fourth quarter, and assuming a positive outcome, Genzyme expects to gain U.S. and European marketing approval in 2007.

The company also is developing hylastan, a second-generation Synvisc treatment that involves two single injections. Hylastan is being studied in a pivotal study expected to finish in the first half of 2007.

"So, we have two shots here to get to this holy grail," Termeer said.

Elsewhere, product revenues were strong, the company said Thursday. Genzyme ended the third quarter with $1.7 billion in cash, he said.

Near-term data expected

By the middle of 2007, Genzyme also expects to have data from its phase 3 clinical trial of tolevamer, which is underway. Tolevamer is a novel polymer therapy that could be the first non-antibiotic treatment for Clostridium difficile-associated diarrhea. Genzyme expects the product's first commercial approval to come in 2008.

Development of sevelamer carbonate, a next generation version of Renagel for dialysis patients, also moved forward during the third quarter. Genzyme expects to file a New Drug Application for sevelamer carbonate during the fourth quarter.

In addition, the company has completed enrollment in a study evaluating sevelamer carbonate in patients with chronic kidney disease who are not on dialysis, and the company expects to see results from the trial soon, Termeer said.

"All in all, we're seeing some very robust momentum around the material elements that will drive the future for this company. We see very broad based strengthens in the use of these products and, where we do have competition, in their ability to compete very, very effectively," Termeer said.

A Cambridge, Mass., biotechnology company, Genzyme develops polymer-based therapies for serious diseases.

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