Bioenvision shareholders say yes to Genzyme merger deal

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Bioenvision, Inc. stockholders voted in favor of the company's $5.60-per-share acquisition by Genzyme Corp. at a reconvened special shareholder meeting on Monday. The shareholders' meeting was originally held on Oct. 5.

The $345 million all-cash transaction becomes effective Tuesday and Bioenvision shares have ceased trading.

Bioenvision said 56% of its issued and outstanding shares of common stock and preferred stock, voting together as a single class on an as-converted basis, were voted in support of the merger. This represents some 67% of the total shares voted.

"We are pleased to conclude this merger process and we respect our shareholders' participation and opinions in this regard," Bioenvision chairman and chief executive officer Christopher B. Wood said in a company news release.

"We are confident in Genzyme's commitment to advance clofarabine, aided by their established clinical, regulatory and commercial infrastructure, and their already significant U.S. commercial experience with the compound."

Bioenvision is a New York biopharmaceutical company, and Genzyme is a Cambridge, Mass.-based biotechnology company.

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