Neozyme Corp. announced that it will distribute to itsshareholders the $49 million in net proceeds it received fromthe sale of its R&D programs to parent company Genzyme Corp.
Genzyme (NASDAQ:GENZ) announced last month that itintended to buy back the Vianain enzyme and fetal cellseparation and analysis programs from Neozyme I(NASDAQ:NEOZ).
Neozyme will distribute the proceeds to shareholders of recordon Dec 21. The company believes the distribution -- equal toabout $16.75 per share -- will consist of cash, Genzymecommon stock, or a combination of both. Following thedistribution, Neozyme of Cambridge, Mass., will have noremaining assets.
(c) 1997 American Health Consultants. All rights reserved.