Pharming rejects Genzyme bid

Transgenics company Pharming (NASD-EU:PHAR) said a proposal by Genzyme (GENZ) to acquire certain PHAR assets is unacceptable. According the PHAR, the total value for the transaction, which includes production facilities and other assets, is very low. Earlier this month, PHAR said it was negotiating with several biopharmaceutical companies regarding the sale of the company (see BioCentury, Sept. 17). In August, PHAR filed for receivership for protection from its creditors (see BioCentury, Aug. 13). ...