Genzyme wins bidding war for AnorMED

It looks like that Genzyme has won the battle to acquire Canada's AnorMed. AnorMed's board has approved Genzyme's offer of $13.50 a share, which values the company at $580 million. That's $200 million more than Genzyme first offered and significantly higher than the $515 million offered by Millennium Pharmaceuticals in a competing bid. Millennium has bowed out of the bidding, but says it's owed $19.5 million under the terms of its pact with AnorMED. The deal will net Genzyme AnorMed's lead product: Mozobil, now in Phase III for hematopoietic stem cell transplantation.

- here's the release on the buyout agreement
- and more on the deal from the CBC