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BioMarin and Genzyme Restructure Aldurazyme 50/50 Joint Venture
Date:1/3/2008

BioMarin will Continue to Manufacture; Genzyme will Continue to Market and

Sell Aldurazyme

NOVATO, Calif. and CAMBRIDGE, Mass., Jan. 3 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN) and Genzyme Corporation (Nasdaq: GENZ) announced today a restructuring of their joint venture regarding Aldurazyme(R) (laronidase). Under the revised structure, the operational responsibilities for BioMarin and Genzyme will not significantly change. Genzyme will continue to globally market and sell Aldurazyme for mucopolysaccharidosis I (MPS I) and BioMarin will continue to manufacture Aldurazyme.

As of January 1, 2008, instead of sharing all costs and profits equally through the 50/50 joint venture, Genzyme will record sales of Aldurazyme and will pay BioMarin a tiered payment ranging from approximately 39.5 to 50 percent of worldwide net product sales, which will also be recorded by BioMarin as product revenue. Under the revised structure, payments are projected to result in both BioMarin and Genzyme receiving approximately the same profit as under the original joint venture structure. BioMarin will receive all of the benefits from increased manufacturing efficiencies and Genzyme will receive all of the benefits from increased commercialization efficiencies. Certain research and development activities related to Aldurazyme and intellectual property will continue to be managed in the joint venture on a 50/50 basis.

"This new structure provides both companies a better alignment of financial incentives with operational decisions and represents a more appropriate structure for two companies manufacturing and commercializing multiple products," said Jean-Jacques Bienaime, Chief Execu
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SOURCE BioMarin Pharmaceutical Inc.
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