Genzyme Completes Acquisition of ILEX Oncology, Inc.

Positions Itself in Expanding Oncology Market

22-Dec-2004

Genzyme Corporation announced that it has completed its acquisition of ILEX oncology, Inc., a cancer drug development company with a growing marketed product, a second product nearing approval and a third well into Phase 2 development. The stock-for-stock transaction is valued at approximately $1 billion.

The acquisition of ILEX creates a solid foundation for Genzyme's growing oncology business by adding an emerging commercial presence, a robust pipeline and highly-regarded clinical development organization to the company. These assets significantly augment Genzyme's existing research and development programs in oncology and will leverage Genzyme's expertise in biologics manufacturing and targeted therapeutics. In addition, there are great synergies with Genzyme's expanded oncology testing business.

"Genzyme has conducted important research in oncology for several years," said Duke Collier, executive vice president, Genzyme Corporation. "It is a challenging disease, but one where biotechnology can make a significant difference to patients and their families. With our acquisition of the cancer diagnostics business of Impath, Inc. earlier this year, and now with this exciting acquisition of the therapeutics products and development experience of ILEX, Genzyme is taking major steps to build its presence in oncology."

The acquisition fits well with Genzyme's strategy. Cancer is a significant unmet medical need that includes well-defined groups of addressable patient populations. Each product in the company's portfolio is intended to make a major positive impact on the lives of patients with serious, complex diseases.

"The strength of the ILEX team in successfully building one of the best emerging cancer therapeutics companies, combined with Genzyme's oncology pipeline, scientific resources and worldwide infrastructure, provide the foundation for a sustainable and competitive commercial oncology business," added Mark Enyedy, senior vice president and general manager of Genzyme's oncology business unit. "Our immediate focus will be to advance clinical trials already well underway, to expand our sales and marketing capabilities to support the expected launch of clofarabine, and to build upon relationships with partners and customers."

"We are very pleased that the oncology franchise that we envisioned has continued to progress nicely this year," said Jeff Buchalter, outgoing president and CEO of ILEX. "Genzyme will now have the ability to advance this franchise to the next level and create value for all of the stakeholders who have made this business successful."

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