Sizing up Neozyme's returns

Investors in Genzyme Corp.'s Neozyme I special purpose corporation will get an annualized pre-tax return on investment exceeding 30 percent, following GENZ's announcement last week that it will buy back the rights and technology to NEOZ's two remaining development programs.

NEOZ will receive $49 million from GENZ, with at least 21 percent, or $10.3 million, in cash. The rest will likely be in stock, said CFO David McLachlan. The stock will be valued based on the average trading price for the 20 days prior to the payment date, which is expected to be on or before Dec. 21...