Genzyme has announced it is willing to offer $13.50 a share for AnorMED in a deal valued at $580 million. That's $200 million more than it offered a few weeks ago and $65 million higher than the offer from Millennium Pharmaceuticals, which AnorMED has recommended to investors. Genzyme's seriously sweetened offer is contingent on AnorMED's support. AnorMED's board swiftly rejected Genzyme's original offer in September, noting that it felt the $8.55 bid significantly undervalued the company. In the new proposal, Genzyme is also looking to do more due diligence on Mozobil, AnorMED's lead product.
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