Genzyme Acquires Bioenvision for $345 Million

PharmaManufacturing.com
10/23/2007

Genzyme Corp. and Bioenvision, Inc. announced Oct. 22 that Bioenvision stockholders have approved Genzyme's acquisition of the company, effective Oct. 23, in an all cash transaction valued at about $345 million.

With its acquisition of Bioenvision, Genzyme takes a significant step in enhancing its existing oncology business by gaining the exclusive, worldwide rights to clofarabine, a drug used in treating acute lymphoblastic leukemia (ALL).

“We are very pleased that Bioenvision shareholders voted to support this merger,” stated Mark J. Enyedy, president of Genzyme Oncology, a business unit of Genzyme Corporation. “We are deeply committed to furthering the clinical development of clofarabine and making it available on a global basis so that patients around the world with these very difficult forms of cancer will have access to the therapy. The successful completion of this acquisition creates the platform on which we will continue to build an international commercial presence for our oncology business.”

Christopher B. Wood, M.D., chairman and chief executive officer of Bioenvision, said, "We are pleased to conclude this merger process and we respect our shareholders’ participation and opinions in this regard. We are confident in Genzyme’s commitment to advance clofarabine, aided by their established clinical, regulatory and commercial infrastructure, and their already significant U.S. commercial experience with the compound.”

Clofarabine is branded as Clolar in the U.S. and Canada, where it is marketed by Genzyme for relapsed and refractory pediatric ALL patients. In Europe, Bioenvision and Genzyme co-developed clofarabine and Bioenvision currently markets the product under the brand name Evoltra, also for the treatment of relapsed and refractory pediatric ALL patients.

The companies have been developing clofarabine for significantly larger indications, including use as a first-line therapy for the treatment of adult acute myeloid leukemia (AML).

Clofarabine has been granted orphan drug status for ALL and AML in both the United States and European Union.