Genzyme General
This article was originally published in The Gray Sheet
Executive Summary
Spin-off of surgical products business Genzyme Surgical Products will be effective with the commencement of public trading on the Nasdaq exchange on June 28 under the ticker symbol GZSP. A tax-free dividend of about 0.17967 shares of Genzyme Surgical stock will be distributed for each share of Genzyme General held by shareholders of record on June 14. Upon formation, Genzyme Surgical, which will have about 14.8 mil. shares outstanding after the distribution, will be funded with $150 mil. in cash from Genzyme General. The spin-off will allow Genzyme General to focus more closely on therapeutics and stimulate investment for the development of surgical products ("The Gray Sheet" May 24, p. 21)