Genzyme, Genzyme Development Partner deal

GENZ withdrew its offer to acquire Genzyme Development Partners, also known as the Surgical Aids Partnership, for $93 million in GENZ stock (see BioCentury Feb. 5).

GENZ said the decision was driven in part by an FDA advisory panel's March 25 recommendation for approval of Seprafilm bioresorbable membrane, one of the products developed under the partnership. GENZ said the speed of the FDA's review makes it significantly less likely that GENZ could account for the transaction as a purchase of in-process R&D, which was one of the conditions of the offer. ...