Genzyme Corp. reached an agreement to purchase the remainingshares of IG Laboratories Inc. by issuing stock worth $21 million, a50 percent increase to the price Genzyme proposed in February.Genzyme, of Cambridge, Mass., already owns 68.5 percent of IG's9.4 million shares outstanding. For each of the remaining 3 millionshare, IG stockholders will get $7 in Genzyme stock. The higherprice came after negotiations between Genzyme officials and acommittee of IG Labs' independent directors.IG Labs, of Framingham, Mass., provides genetic testing services,and has service centers in 10 locations in the U.S. IG Labs hadrevenues of $11.1 million for the quarter that ended March 31, and anet loss of $1.2 million."We have faith in the technology," said Caren Arnstein, Genzyme'sdirector of corporate communications. "IG needs more cash todevelop the technology. As long as we were putting in the money todo that, we thought we may as well own the company."IG Labs will become a wholly owned subsidiary of Genzyme Corp.,and be folded into its existing genetic testing business.The proposed terms were announced late Thursday. Genzyme's stock(NASDAQ:GENZ) closed Friday at $39.25 per share, up 38 cents. _Jim Shrine
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