-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AmJXNSHkJ6JoMtRhnjPUvP8aQJklbUgJI2dhUc3I49GZUGElEGb9lqqecnJWHh+C BC9FXcRADgT0+QwsfiD6Ww== 0000950135-96-001106.txt : 19960227 0000950135-96-001106.hdr.sgml : 19960227 ACCESSION NUMBER: 0000950135-96-001106 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960131 ITEM INFORMATION: Other events FILED AS OF DATE: 19960223 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENZYME CORP CENTRAL INDEX KEY: 0000732485 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 061047163 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14680 FILM NUMBER: 96524727 BUSINESS ADDRESS: STREET 1: ONE KENDALL SQUARE CITY: CAMBRIDGE STATE: MA ZIP: 02139 BUSINESS PHONE: 6172527500 MAIL ADDRESS: STREET 1: ONE KENDALL SQUARE CITY: CAMBRIDGE STATE: MA ZIP: 02139 8-K 1 GENZYME CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): JANUARY 31, 1996 GENZYME CORPORATION (Exact name of registrant as specified in its charter) MASSACHUSETTS 0-14680 06-1047163 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) ONE KENDALL SQUARE, CAMBRIDGE, MASSACHUSETTS 02139 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (617) 252-7500 2 ITEM 5. OTHER EVENTS. ------------ On January 31, 1996, Genzyme Corporation ("Genzyme") announced that it had made an offer to a special committee of the independent directors of the general partner of Genzyme Development Partners, L.P. ("GDP") to acquire substantially all the assets of GDP for approximately $93 million payable in shares of Genzyme General Division Common Stock. Genzyme hereby incorporates by reference the contents of its press release dated January 31, 1996, filed as Exhibit 99.1 to this report. In addition, on February 14, 1996, Genzyme announced that it had signed a definitive agreement to acquire Genetrix, Inc. ("Genetrix"), a privately held genetic testing laboratory based in Phoenix, Arizona, and merge Genetrix into Genzyme's Integrated Genetics diagnostic services business. Genzyme hereby incorporates by reference the contents of its press release dated February 14, 1996, filed as Exhibit 99.2 to this report. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 22, 1996 GENZYME CORPORATION By: /s/ David J. McLachlan -------------------------------- David J. McLachlan Senior Vice President, Finance and Chief Financial Officer 4 EXHIBIT INDEX
Exhibit Sequential No. Description Page No. - ------- ----------- -------- 99.1 Press release dated January 31, 1996. Filed herewith. 5 99.2 Press release dated February 14, 1996. Filed herewith. 6
EX-99.1 2 PRESS RELEASE FOR SURGICAL AIDS PARTNERSHIP ASSETS 1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONTACT: January 31, 1996 Caren Arnstein 617-252-7570 GENZYME OFFERS TO PURCHASE SURGICAL AIDS PARTNERSHIP ASSETS CAMBRIDGE, Mass. -- Genzyme Corp. announced today that it has made an offer to a special committee of the independent directors of the general partner of Genzyme Development Partners, L.P., also known as the Surgical Aids Partnership, to acquire substantially all the assets of the partnership for approximately $93 million in shares of Genzyme General Division common stock (Nasdaq: GENZ). The offer is made in lieu of Genzyme's existing option to purchase the outstanding partnership interests for a lump-sum cash payment and certain future royalty payments. Following the acquisition, the shares of Genzyme General Division stock would be distributed to the limited partners of the Surgical Aids Partnership. The shares would be valued at the average closing price for the 20 trading days immediately preceding the fifth trading day prior to closing of the acquisition, provided that the average closing price is at least $60.99 and not more than $82.51. If the average closing price of the stock during that period is more than $82.51, 1,127,136 shares would satisfy the purchase price. If the average closing price is less than $60.99, 1,524,840 shares would satisfy the purchase price. The offer is subject to several conditions. The special committee must approve the offer. The offer must be affirmed by a vote of two-thirds in interest of the limited partners. The general partner must enter into a definitive acquisition agreement. And Genzyme must receive satisfactory assurances from its independent accountants that the acquisition may be accounted for as a purchase of in-process research and development. If approved, the acquisition is expected to close by May 31. Genzyme established the Surgical Aids Partnership in 1989, raising $36.8 million to fund the development of surgical products intended to reduce the incidence, extent, and severity of postoperative adhesions. Four surgical products based on hyaluronic acid are in development: Seprafilm [TRADEMARK] bioresorbable membrane, Sepracoat [TRADEMARK] coating solution, Sepragel [TRADEMARK] bioresorbable gel, and HAL-S synovial fluid replacement. One of the world's top five biotechnology companies, Genzyme focuses on developing innovative products and services for major unmet medical needs. The company's General Division markets Ceredase [REGISTERED TRADEMARK] and Cerezyme [REGISTERED TRADEMARK] replacement enzymes for the treatment of Gaucher disease. It also develops and markets diagnostic products, genetic diagnostic services, and bulk pharmaceuticals. * * * Genzyme's news releases are available on PR Newswire's fax-on-demand service at 1-800-758-5804, ext. 104284, and on the Internet's World Wide Web at http://www.prnewswire.com. EX-99.2 3 PRESS RELEASE FOR GENETRIX FOR STOCK 1 EXHIBIT 99.2 FOR IMMEDIATE RELEASE MEDIA CONTACTS: February 14, 1996 Cheryl Greenhouse Sheila Shuster Genzyme Corp. Genetrix 617-252-7570 602-945-4363
GENZYME TO ACQUIRE GENETRIX FOR STOCK CAMBRIDGE, Mass. -- Genzyme Corp.'s General Division (Nasdaq: GENZ) announced today that it has signed a definitive agreement to acquire Genetrix Inc., a privately held genetic testing laboratory based in Phoenix, and merge it with Genzyme's Integrated Genetics diagnostic services business. Under the terms of the agreement, Genetrix shareholders will receive shares of Genzyme General Division common stock in a tax-free exchange for their Genetrix common and preferred shares. The number of shares of Genzyme General Division common stock to be issued will be fixed at approximately 545,000 provided the average closing price of the stock for the 10 trading days ending two days prior to completing the transaction is not less than $67.28. The transaction is expected to be completed in March. "The combination of these genetic testing businesses will create operating synergies that will result in significant cost savings," said Henri A. Termeer, Genzyme's chairman and chief executive officer. "As a result of this acquisition, we will be able to offer a broader range of services over a larger geographic area, resulting in better service for our customers." Both Integrated Genetics and Genetrix have a strong clinical presence and a commitment to excellent customer service. Each entity also brings specific strengths to the combined organization. Integrated Genetics has strong capabilities in research and development and prenatal and molecular diagnostics. Genetrix has a strong presence in the cancer market and innovative managed care programs. "The merger will create value for our patients, our clients, our shareholders, and our employees," said Paul R. Sohmer, M.D., Genetrix's president and chief executive officer. "Together we will be a unique and integral player in the delivery of quality and cost-effective health care." The transaction will be accounted for as a pooling of interests. Genzyme expects that the additional income brought about by the transaction will exceed the effects of the newly issued shares. The combined annual genetic testing revenue will be approximately $75 million. One of the world's top five biotechnology companies, Genzyme focuses on developing innovative products and services for major unmet medical needs. The company's General Division markets Ceredase [REGISTERED TRADEMARK] and Cerezyme [REGISTERED TRADEMARK] replacement enzymes for the treatment of Gaucher disease. It also develops and markets surgical and diagnostic products, genetic diagnostic services and bulk pharmaceuticals. * * * Genzyme's releases are on the World Wide Web at http://www.prnewswire.com and PR Newswire's fax- on-demand service at 1-800-758-5804, ext. 104284.
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