04 August 2003 17:18 [Source: ICIS news]
HOUSTON (CNI)--US biopharmaceutical developer Genzyme said Monday it is acquiring biotech company SangStat Medical in a $600m (Euro531m) deal expected to close in September.
Cambridge, Massachusetts-based Genzyme said its purchase of SangStat at $22.50/share is a 45% premium over the company's 1 August closing price.
Genzyme said SangStat reported 2002 revenues of $120m and earnings/share (eps) of 24 cents.
The transaction has been approved by both boards and is subject to approval under the Hart-Scott-Rodino Act.
Genzyme said it anticipates it will incur certain one-time charges with the purchase, which it declined to detail.
Genzyme said SangStat is a profitable and growing company with a leading antibody product used in organ transplantation. SangStat's lead product Thymoglobulin (anti-thymocyte globulin) is for the treatment of acute rejection in patients with a renal transplant.
Henri Termeer, Genzyme chairman and chief executive, said the acquisition is "a strong strategic fit" that adds a growing product, a strong pipeline and a team that complements Genzyme's ongoing programs in immune mediated diseases.
Termeer continued: "Thymoglobulin is an excellent product that has the potential to transform the way transplant teams manage the care of their patients. We will use our combined resources and expertise to expand its areas of use and broaden its availability throughout the world."
Genzyme is a US biotechnology company with a product portfolio focused on rare genetic disorders, renal disease and osteoarthritis.
SangStat Medical of Fremont, California is a global firm seeking to discover, develop and market high value therapeutic products in the autoimmune, haematology/oncology and immunosuppression areas.
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