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Genzyme Biosurgery

This article was originally published in The Gray Sheet

Executive Summary

Shareholders file for temporary injunction in New York federal court June 2 against a forced re-integration of the unit with parent firm Genzyme Corp. via a stock swap proposed May 8. Genzyme Corp. holds that the elimination of the separate tracking stocks for Genzyme Biosurgery and Genzyme Molecular Oncology is consistent with provisions of its corporate charter. Biosurgery shareholders allege that Genzyme Corp. delayed release of certain information that would have translated into a higher sale price, including plans to sell Biosurgery's cardiothoracic unit, in order to get a business worth "at least $1.5-$2 bil. for a mere $72 mil." in stock. The re-integration is slated for June 30 (1"The Gray Sheet" May 19, 2003, p. 21)...

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