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news.Genzyme Corporation has completed its $1 billion acquisition of cancer drug development firm Ilex Oncology, a move that will enable Genzyme to gain strong and growing leukemia product Campath, leukemia product candidate Clolar, and a phase II solid tumors treatment.
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The acquisition of Ilex creates a solid foundation for Genzyme’s growing oncology business by adding an emerging commercial presence, a robust pipeline and highly-regarded clinical development organization to the company.
These assets significantly augment Genzyme’s existing R&D programs in oncology and will leverage Genzyme’s expertise in biologics manufacturing and targeted therapeutics. In addition, there are synergies with Genzyme’s expanded oncology testing business.
“With our acquisition of the cancer diagnostics business of Impath Inc earlier this year, and now with this exciting acquisition of the therapeutics products and development experience of Ilex, Genzyme is taking major steps to build its presence in oncology,” said Duke Collier, Genzyme’s executive vice president.
“Our immediate focus will be to advance clinical trials already well underway, to expand our sales and marketing capabilities to support the expected launch of clofarabine (Clolar), and to build upon relationships with partners and customers,” added Mark Enyedy, senior vice president and general manager of Genzyme’s oncology business unit.