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Genzyme Affirms Purchase Price for Bioenvision at $5.60 Per Outstanding Share
Date:9/27/2007

CAMBRIDGE, Mass., Sept. 27 /PRNewswire-FirstCall/ -- Genzyme Corporation (Nasdaq: GENZ) confirmed today that it will not change its purchase price for Bioenvision (Nasdaq: BIVN) at $5.60 in cash per outstanding common share as set forth in the merger agreement between the two companies. Genzyme already owns approximately 22 percent of the outstanding shares of Bioenvision common stock on an as-converted basis, including 100 percent of its preferred stock that carry a unique set of rights and privileges.

"$5.60 per share is our best and final offer," stated Mark J. Enyedy, president of Genzyme Oncology, a business unit of Genzyme Corporation. "It reflects the full and fair value for Bioenvision common stock based on our extensive due diligence on the company, and our detailed understanding of the risks associated with, and investment required for, the further development of clofarabine. We now all know that clofarabine will not be approved in adult AML in the European Union until 2008, at the earliest."

Genzyme added that the merger agreement represents the culmination of a thorough auction process undertaken by the Bioenvision Board of Directors, during which more than 20 companies were contacted regarding a potential sale of the company. No other offer was made prior to or following the announcement of the merger agreement with Genzyme.

Genzyme also noted several of the risks associated with Bioenvision remaining an independent public company have been made
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SOURCE Genzyme Corporation
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