AnorMed rejects Genzyme takeover bid

Canada's AnorMed has rejected a hostile, $350 million takeover offer from Genzyme, saying that the 70 percent premium offered on its shares doesn't recognize the company's ability to create shareholder value. Genzyme responded by saying it may take its offer straight to the shareholders and let them decide. AnorMed expects to release crucial Phase III data on Mozobil in cancer patients in early 2007.

- here's the report on AnorMed from the Globe and Mail