Financings in Brief: Genzyme
This article was originally published in The Gray Sheet
Executive SummaryGenzyme: Withdraws its previously announced stock offer to buy all assets of Genzyme Development Partners, L.P., also known as the Surgical Aids Partnership. The Partnership is developing surgical products based on hyaluronic acid, including Seprafilm bioresorbable membrane, Sepracoat coating solution, Sepragel bioresorbable gel, and Hal-S synovial fluid replacement. Instead of the acquisition offer, which was valued at about $93 mil. when it was made in February ("The Gray Sheet" Feb. 12, p. 16), Genzyme says it will continue to pursue its "established contractual relationship" with the partnership. Under the existing deal, Genzyme has the option to purchase all outstanding partnership interests for $25.8 mil. "and future royalty payments on surgical product sales for 10 years following the date of purchase."
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