BioCentury
ARTICLE | Strategy

Genzyme: Minimizing dilution

Back-to-School Issue: The M&A game

September 1, 2003 7:00 AM UTC

Lesson: M&A can be used with an eye to replenishing the top line in the future. The trick is to build for the out years while protecting current EPS.

Genzyme’s acquisition of GelTex, as well as its recently announced plan to purchase SangStat Medical Corp., illustrate how the company has managed to do acquisitions with a long-term payoff horizon without much immediate dilution. ...