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Genzyme refocuses as Icahn presses slate

May 7, 2010 12:37 AM UTC

Genzyme Corp. (NASDAQ:GENZ) plans to buy back $2 billion in stock, reduce costs and pursue strategic alternatives for three of its businesses. The move comes just two days after financier Carl Icahn submitted a proxy statement to the SEC outlining which four of the Genzyme board members -- including Chairman, President and CEO Henri Termeer -- he hopes to replace with his own slate. In February, Icahn announced his intent to nominate himself, Steven Burakoff, Alexander Denner and Richard Mulligan to the board. Genzyme's annual meeting is scheduled for June 16 (See BioCentury, March 01, 2010). ...