ARTICLE | Finance
Ebb & Flow
August 13, 2001 7:00 AM UTC
Genzyme (GENZ) moved to consolidate its grip in the enzyme replacement space, but wasn't instantly rewarded for its plans to acquire protein engineering play Novazyme for $137.5 million in stock.
After pushing GENZ up $0.26 to $56.90 on 4 million shares on Tuesday's news, investors looked past any potential long-term benefits and keyed in on the near-term dilution and the drop in EPS. The stock then retreated to close Friday at $54.44, down $4.31 on the week...