Genzyme ‘to acquire Bioenvision shares’

Genzyme is to acquire 22 per cent of the outstanding share base in cancer treatment developer Bioenvision, it has emerged.

The development continues from the announcement of an intended merger on May 29th.

Under the terms of the move, Genzyme is to gain rights to leukaemia treatment Clofarabine, which was formulated through a collaborative effort between the two firms.

The new deal is to see Genzyme become a major shareholder in Bioenvision, which the company states is the start of a substantial partnership involving the enterprises.

"We are proceeding with the purchase of all the Bioenvision preferred shares, as well as the common shares tendered," explained Mark Enyedy, president of Genzyme Oncology.

"At a minimum, we are committed to playing an active and constructive role as a significant long-term shareholder of Bioenvision."

Genzyme previously revealed its intention to expand treatments which utilise Clofarabine to include adult therapeutics as well as those for children.