ILEX Oncology Shareholders Approve Merger with Genzyme Corporation
Transaction Remains Subject to Federal Trade Commission Clearance
ILEXTM oncology, Inc. and Genzyme Corporation announced that the holders of a majority of the outstanding shares of ILEX common stock voted to approve the proposed merger of the two companies at a special meeting held this morning in Boston. The overwhelming majority of the votes cast were cast in favor of the proposed transaction. The closing of the transaction remains subject to receipt of clearance by the Federal Trade Commission (FTC) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
"This strong endorsement from our shareholders demonstrates their support for our strategic vision of combining ILEX's late-stage oncology pipeline and first-class clinical development organization with Genzyme's longstanding oncology research program and early development portfolio," said Jeff Buchalter, ILEX President and CEO. "Genzyme is a top-tier biotech company with the resources and commitment to build a solid oncology franchise of significant value."
ILEX and Genzyme expect the transaction to close sometime this summer, although the exact timing cannot be predicted with certainty. Representatives of the companies continue to work closely with the FTC to respond to its requests for further information regarding the transaction and to resolve outstanding issues. A press release will be issued when a resolution is reached with the FTC and the transaction is closed.
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