Genzyme: Bioenvision buy to close July 2

Genzyme: Bioenvision buy to close July 2

Genzyme: Bioenvision buy to close July 2

Biotechnology company Enzyme Corp. said Wednesday a motion for a preliminary injunction to delay its proposed $345 million acquisition Bioenvision, Inc. was withdrawn from a Delaware court.


The preliminary injunction requested in a shareholder lawsuit was voluntarily withdrawn after both companies provided more information.


Drug developer Bioenvision agreed in May to be bought by Genzyme for $5.60 per share.

Genzyme said it anticipates closing the deal around July 2, when a tender offer related to the transaction expires.


"Many Bioenvision shareholders have already tendered their shares and we look forward to others doing so over the next several days," Mark Enyedy, president of Genzyme Oncology, said in a statement.


Bioenvision Inc. shareholder SCO Capital Partners LLC has continued to oppose the acquisition, accusing board members of a conflict of interest. SCO has also said Genzyme's bid undervalues the company.


Shares of Genzyme gained 45 cents to $65.17 in afternoon trading, while shares of Bioenvision shed 1 cent to $5.59.

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