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Genzyme acquiring SangStat

August 4, 2003 7:00 AM UTC

GENZ will buy SANG for about $600 million in cash, or $22.50 per share. The take out price is a 45% premium to SANG's Friday close at $15.48. GENZ said SANG brings marketed product Thymoglobulin anti-thymocyte globulin antibody for transplant rejection, a U.S. and European sales force, and a complementary immunology pipeline. Thymoglobulin is indicated to treat acute rejection in renal transplant patients and posted second quarter U.S. sales of $15.4 million, up 13% quarter over quarter. GENZ said it plans to drive growth of the drug by gaining a broader label and expanding sales in Europe and Latin America. GENZ also said it will use its sales force for Renagel, a phosphate binder for patients with end stage renal disease on hemodialysis, to sell Thymoglobulin.

SANG's pipeline includes RDP58, an anti-inflammatory peptide in Phase II testing for ulcerative colitis (UC). The companies plan to partner RDP58 for a range of gastrointestinal diseases. GENZ said SANG's therapeutics for immune-mediated diseases complement GENZ's compounds including CAT-192, a human anti-TGF beta antibody in Phase II testing to treat diffuse systemic sclerosis, and GENZ 29155, a preclinical small molecule for multiple sclerosis and organ transplantation. CAT-192 is partnered with Cambridge Antibody (LSE:CAT; CATG). ...