Genzyme Corp. said Wednesday that its U.K. subsidiary,Genzyme Ltd., has acquired the phospholipid business unit ofEnzymatix Ltd. of Cambridge, England.
Susan Cogswell, Genzyme's (NASDQ:GENZ) director of investorrelations, said the Cambridge, Mass, company paid $1.8 millionfor the acquisition and should bring the company $1 million to$2 million in product sales for the rest of the year.
"The acquisition is positioning to make us one of the leadingphospholipid suppliers worldwide," Cogswell said.
Also, IG Laboratories Inc., a majority-owned subsidiary ofGenzyme, completed its acquisition of Genetic Design, aprivately held genetic testing company.
Genetic Design shareholders will receive about 428,000 sharesof Genzyme Corp. common stock valued at approximately $21.3million and $1.3 million in cash. In addition, options of IGLaboratories stock will be substituted for outstanding GeneticDesign employee stock options.
Cogswell said that in connection with the transaction, Genzymewill purchase additional shares of IG Laboratories forapproximately $6 million in cash. In a transaction unrelated tothe acquisition, Genzyme has purchased an additional $5million of IG Laboratories common stock.
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