Genzyme completes sale of pharmaceutical intermediates unit

Genzyme has finalised the sale of its pharmaceutical intermediates business as part of its efforts to streamline its business focus.

International Chemical Investors Group (ICIG) has acquired all elements of the unit – other than the drug delivery technologies segment – and has created a new business named Corden Pharma Switzerland.

Under the terms of the agreement, ICIG and its subsidiaries will continue to provide Genzyme with materials needed for production of several investigational treatments, including the Gaucher disease drug eliglustat tartrate.

The deal also involves the transfer of around 120 employees from Genzyme, who will continue to work at its former site in Liestal, Switzerland.

Genzyme states that the completion of the deal will help the company to "sharpen its focus on core businesses", having also sold off its diagnostic products and genetic testing units in recent months.

This comes after it was announced last month that Sanofi-aventis has agreed to acquire Genzyme in a transaction valued at $20.1 billion (12.32 billion pounds).