Genzyme to acquire ILEX

Genzyme Corporation and ILEX Oncology have agreed to merge. The transaction gives Genzyme a significant step toward fulfilling its goal of building an oncology business.

ILEX offers a strong franchise with a growing marketed product, a promising pipeline with two late-stage products and a first-class clinical development organisation.

The pipeline significantly augments Genzyme's long-standing programme in oncology, which includes a research and early development portfolio with par-ticular strengths in antibodies, small molecules and cell-based therapeutics. The merger also capitalises on Genzyme's substantial expertise in biologics and targeted therapeutics and its expanding oncology testing business.

'This transaction is a very good strategic fit for Genzyme that provides us with a solid franchise in the important field of oncology,' stated Henri Termeer, chairman and chief executive officer, Genzyme Corporation. 'Through this merger, we gain an experienced team that has brought a cancer therapy from development to market. The combined strength of the ILEX program and Genzyme's oncology pipeline expertise and infrastructure will provide the foundation for a sustainable and competitive commercial oncology business.'

'We believe this transaction brings significant value to ILEX shareholders and recognises the high quality oncology franchise that we at ILEX have built,' said Jeffrey Buchalter, president and chief executive officer, ILEX Oncology. 'Genzyme is a top-tier biotech company with the resources and commitment to take us to the next level as we continue to expand our markets and, ultimately, commercialise our own products.'

Genzyme plans to maintain ILEX operations in San Antonio.