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Financings in Brief: Genzyme

This article was originally published in The Gray Sheet

Executive Summary

Genzyme: Firm's Genzyme Tissue Repair division receives $10 mil. "for general corporate purposes" from sister division Genzyme General "in exchange for an increase of one million Tissue Repair designated shares," the firm states. The designated shares "are not issued or outstanding" but may be held or sold by the Genzyme board of directors "from time to time for the benefit of Genzyme General without allocating any consideration to Genzyme Tissue Repair," or may be distributed "as a stock dividend to holders of Genzyme General common stock." Parent firm Genzyme retains an option, valid until June 15, 1998, to "allocate an additional $10 mil." from Genzyme General to Genzyme Tissue Repair "in exchange for an increase in Tissue Repair designated shares at the rate of $10 per share," Genzyme says...
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