Genzyme extends offer for AnorMED

US biotechnology group Genzyme says that it has extended its offer to acquire the outstanding shares of AnorMED of Vancouver, British Columbia until 8:00am Vancouver time on November 7, 2006 (Marketletters passim). Prior to this extension, Genzyme's offer was set to expire on November 6. The US firm extended its offer after receiving confirmation that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 is expected to expire at 11:59pm New York City time on November 6, unless the Federal Trade Commission requests additional information or grants early termination.

Genzyme has entered into a support agreement with AnorMED under which it will acquire the Canadian group in an all-cash transaction valued at $13.50 per outstanding share, or approximately $580.0 million. The offer could be extended for a further period, the firm said.