Genzyme Agrees Neozyme II Buy

- Genzyme has reached an agreement in principle with a committee comprising the independent directors of Neozyme II to acquire the company for $45 per unit in cash.

Each Neozyme unit consists of one share of Neozyme II callable common stock and one callable warrant to purchase two shares of Genzyme General Division common stock and 0.135 share of Genzyme Tissue Repair Division common stock. There are 2.4 million Neozyme II units outstanding. 1996 earnings are expected to be in the $1.05 to $1.10 per share range, and revenues for the year should be around $500 million.