Analysts liked the looks of Genzyme's proposed buyout of Bioenvision, saying the numbers looked good, but that wasn't enough to persuade one of Bioenvision's principal investors. SCO Capital Partners, which owns 13.4 percent of Bioenvision, said it would be voting against the deal because the offer was too low and the timing was bad. The investor group noted that Bioenvision has just done a dilutive financing deal to fund trials of Evoltra. Genzyme's been known to sweeten its buyout offers when given the right motivation and something similar may be in the minds of the investors.
- read the report on the deal from The Boston Globe