Genzyme Completes Acquisition of IMPATH Cancer Testing Unit
Further Expands Company's Presence in Oncology
Genzyme Corporation announced that it has completed its purchase of IMPATH Inc.'s Physician services business unit, a leader in the rapidly expanding market for oncology testing. Under the asset purchase agreement, Genzyme acquires IMPATH's Physician Services unit and other assets for approximately $215 million in cash. These assets will become part of the Genzyme Genetics business. Genzyme will provide financial guidance on the impact of the transaction to the corporation after completion of its purchase accounting review.
The acquisition of IMPATH's Physician Services unit, highly regarded for its oncology medical expertise and quality service, contributes to Genzyme Genetics' extensive test menu for oncology, prenatal and reproductive medicine. Through acquisition of this unit, Genzyme obtains a leading array of oncology diagnostics in solid-tumor and blood-based cancers, a strong team of board-certified anatomic and clinical pathologists with extensive experience in oncology testing, and laboratories in New York City, Phoenix and Los Angeles. Genzyme will maintain operations at these facilities.
As part of this transaction, Genzyme also acquires IMPATH's Analytical Services unit, which includes a laboratory approved by the U.S. Food and Drug Administration that provides clinical trial testing services to biotechnology and pharmaceutical companies in support of the evaluation of new drugs. The Analytical Services unit is located in the Los Angeles facility.
The addition of IMPATH's cancer diagnostic business - together with Genzyme's planned acquisition of ILEX Oncology announced this past February - will significantly expand the company's presence across the entire continuum of oncology patient care, from diagnosis to treatment. These transactions will create opportunities for Genzyme to develop and offer innovative products and services that lead to more accurate diagnoses and more effective treatments for cancer patients.
"This transaction provides Genzyme with the ability to focus on a significant area of unmet medical need with tremendous potential," said Henri Termeer, chairman and chief executive officer, Genzyme Corporation. "It allows us to leverage our twenty years of genetic testing expertise with IMPATH's medical experience in improving diagnosis, treatment and outcomes for cancer patients. In this way, Genzyme can offer a full spectrum of services and ultimately assist physicians in providing the best care possible to their patients with cancer."
"We believe the market for oncology testing will continue to grow, fueled by the development of new sophisticated tests and treatments for cancer," added Mara Aspinall, president, Genzyme Genetics. "The combination of our businesses creates strong synergies that improve therapeutic decision making, benefit physicians, patients and payors, and provide a solid foundation for future innovation. Additionally, this transaction allows us to fully utilize our expertise and build an even stronger infrastructure to support our core commitment to prenatal testing."
IMPATH Physician Services is one of the country's largest laboratories for oncology testing, providing patient-specific cancer information to more than 8,300 physicians in over 2,000 hospitals and 600 oncology practices. It handles more than 160,000 cancer cases per year, including approximately 30 percent of all breast cancers, 15 percent of all difficult-to-diagnose tumors, and 10 percent of all leukemias and lymphomas. Its technology platform is broad, including molecular diagnostics, flow cytometry, cytogenetics and immunohistochemistry.
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