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Genzyme ends agreement to buy Cell Genesys:

This article was originally published in Clinica

Executive Summary

Genzyme General has terminated its definitive agreement to acquire gene therapy company Cell Genesys after the Cell Genesys board of directors withdrew its recommendation for the proposed $350 million acquisition. Cell Genesys will pay Cambridge, Massachusetts-based Genzyme a $15 million termination fee. The board stated that the proposed tax-free stock-for-stock deal was not in the best interests of Cell Genesys shareholders because the value of the Foster City, California-based company's 19% equity share in Abgenix had increased by around $230 million since the agreement was announced. Abgenix, which was spun off by Cell Genesys in 1996, is developing monoclonal antibody technology for use in gene therapy. Genzyme, whose subsidiaries include Genzyme Tissue Repair, Genzyme Surgical Products and Genzyme Diagnostics, said the deal would "dramatically expand the capabilities of the company".

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