Genzyme Buys Rest Of IG Labs' Shares

Independent shareholders of USA-based Integrated Genetics Laboratories have approved the merger of IG Labs with Genzyme Corp, which already holds around 70% of this genetics testing company's stock, and the merger became effective on October 2.

In exchange for their IG Labs shares, public shareholders received 0.1201 shares of Genzyme General Division common stock, or approximately $7.00 for each share of IG common stock held.

Genzyme has said it will combine the IG Labs operations into the diagnostic services unit of its General Division. It will not change the nature of the business unit, which will continue to work in the area of genetic diagnostics and will continue to operate under the Integrated Genetics name.