Genzyme Corp. has announced that it will buy Bioenvision, Inc. for approximately $345 million in cash. The purchase, which has unanimous support from Bioenvision's board, will enhance Genzyme's oncology business by yielding exclusive, worldwide rights to clofarabine. The two companies co-developed clofarabine in Europe, where Bioenvision currently markets the product for the treatment of acute lymphoblastic leukemia (ALL) in relapsed and refractory pediatric patients. Clofarabine is also being developed for significantly larger indications, including use as a first-line therapy for the treatment of adult acute myeloid leukemia (AML). Clofarabine is branded as Clolar in the U.S. and Canada, where it is marketed by Genzyme for relapsed and refractory pediatric ALL patients. Clofarabine has been granted orphan drug status for ALL and AML in both the U.S. and EU.

"Building an international commercial presence for our oncology business has been a focus for the corporation and we are very pleased to reach agreement with Bioenvision on this transaction," stated Henri A. Termeer, chairman and chief executive officer of Genzyme Corp. "We are deeply committed to furthering the clinical development of clofarabine and making it available on a global basis so that patients around the world with these very difficult forms of cancer will have access to the therapy."

Christopher B. Wood, M.D., chairman and chief executive officer of Bioenvision, said, "We believe this transaction brings significant value to Bioenvision shareholders [a 50% premium over the company's share price]. Genzyme has the global clinical, regulatory and commercial infrastructure to advance clofarabine, as well as very significant experience with the product from its U.S. approval, launch, and continued development and commercialization. We are confident that they will build upon the solid foundation our organization has established in Europe to further expand access to clofarabine for patients with serious unmet medical need."

In addition to clofarabine, Bioenvision also markets Modrenal, approved in the UK for the treatment of post-menopausal breast cancer following relapse from initial hormone therapy, and has a pipeline in development to address unmet needs in autoimmune disease and infectious disease.

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