Genzyme Corp. and its wholly owned subsidiary, GenzymeTransgenics Corp., announced Friday that they have filed an S-1 registration statement with the Securities and ExchangeCommission (SEC) for an initial public offering of 2 millionshares of common stock, priced at $9-11, in the new company,which will be listed on the Nasdaq system as GZTC.
The offering is being managed by PaineWebber Inc. andKidder, Peabody & Co. The underwriters' option foroverallotments is 300,000 shares.
Upon completion of the offering, Genzyme (NASDAQ:GENZ) ofCambridge, Mass., will own approximately 67 percent of GZTCstock.
Genzyme launched the new business in December 1992 tocommercialize the use of transgenic animals to maketherapeutic proteins. It has already reported the successfulproduction of tissue plasminogen activator (t-PA) in the milk oftransgenic goats. James Geraghty, formerly a general managerwith Baxter International Inc., is president and chief executiveofficer of Genzyme Therapeutics, which is located inFramingham, Mass.
-- Jennifer Van Brunt Senior Editor
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