Genzyme Completes Transaction with Bayer HealthCare

Assumes Primary Responsibility for Alemtuzumab in Multiple Sclerosis

04-Jun-2009 - USA

Genzyme Corp. announced that it has completed the transaction with Bayer HealthCare to acquire the worldwide rights to Campath®/MabCampath® (alemtuzumab), giving Genzyme primary responsibility for the development and commercialization of this multiple sclerosis (MS) therapeutic candidate. Genzyme is conducting two rapidly progressing phase 3 studies of alemtuzumab in relapsing-remitting MS patients.

In addition, Genzyme has acquired the worldwide marketing and distribution rights to Fludara® (fludarabine phosphate) and Leukine® (sargramostim), which expands Genzyme’s global oncology commercial presence. Genzyme now has full responsibility for developing, marketing and selling the acquired oncology products and will record sales revenue in the United States and more than 90 other countries where they are sold. During a transition period following the closing, Genzyme and Bayer HealthCare will continue to work together to ensure no interruption in product supply to patients or support services to providers.

Under the terms of the transaction, Genzyme will make no upfront payment to Bayer. In exchange for the rights to alemtuzumab, Genzyme will make payments to Bayer following product approval under an earn-out arrangement that is based on product revenue. Similarly, in exchange for the rights to Campath, Fludara and Leukine, Genzyme will make future payments based upon revenue. In addition, Genzyme will acquire a new Leukine manufacturing facility upon FDA approval of the plant, which is expected in 2010. The revenue and earnings impact of this transaction is included in Genzyme’s 2009 guidance.

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