Genzyme Tissue Repair Receives $10 Million
Genzyme Tissue Repair has received $10 million from Genzyme General inexchange for an increase of one million GTR designated shares.
Genzyme Corp retains an option to allocate an additional $10 million from Genzyme General to GTR in exchange for an increase in GTR designated shares at the rate of $10 per share. This option expires on June 15, 1998.
PharmaGenics Meantime, shareholders in Genzyme Corp and PharmaGenics have approved the acquisition of the latter by the former for around 4 million shares of a new Genzyme tracking stock, Genzyme Molecular Oncology, which will be formed through the combination of PharmaGenics, which focuses on developing therapeutics for cancer through the use of genomics, and oncology programs at Genzyme. The deal is valued at $28 million.
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