The offer includes the acquisition of all outstanding shares of AnorMed to $13.50 per share, contingent upon AnorMed executing a support agreement with Genzyme. This proposal represents a premium of 12.5% over the purchase price proposed by Millennium Pharmaceuticals.
Genzyme proposed revising its tender offer following the completion of additional diligence regarding Mozobil, AnorMed's lead product candidate, and the other assets owned by AnorMed.
Genzyme believes it is uniquely positioned to bring the Mozobil product to patients worldwide.
“Less than 40% of all hematopoietic stem cell transplants occur in the US. Our global clinical, regulatory, and commercial infrastructure will allow us to capture the full value presented by this important therapy without the need to share that value with partners outside the US,” said Henri Termeer, CEO of Genzyme.
Mozobil, expected to launch in late 2008, is a promising late-stage product candidate being tested in phase III trials for use in hematopoietic stem cell transplantation. Mozobil has been shown in multiple earlier studies to rapidly increase the number of stem cells in circulation in the blood, an important step in preparing a patient for an allogeneic or autologous stem cell transplant.
Mozobil has been granted special protocol assessment and orphan drug status in the US and European Union.