Genzyme and Isis Announce Hart-Scott-Rodino Approval of Col... ( CAMBRIDGE Mass. and CARLSBAD Cali...)

Genzyme and Isis Announce Hart-Scott-Rodino Approval of Collaboration

Date:2/1/2008

CAMBRIDGE, Mass. and CARLSBAD, Calif., Feb. 1 /PRNewswire-FirstCall/ -- Genzyme Corp. (Nasdaq: GENZ) and Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced that they have received clearance under the Hart-Scott-Rodino Antitrust Improvements Act for their collaboration, which was announced on January 7, 2008. Based on this approval, Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock for $30 per share.

Upon completion of final contracts, Genzyme will pay to Isis an additional up-front cash payment of $175 million for the exclusive licensing of mipomersen. As part of the strategic alliance, Genzyme will develop and commercialize mipomersen, a breakthrough, potential blockbuster lipid-lowering treatment for high risk cardiovascular patients that utilizes Isis' novel antisense technology. Isis will also be eligible to receive milestone and profit sharing payments for mipomersen, which is currently in phase 3 development. In addition, Genzyme will have preferred access to future drugs developed by Isis for CNS and certain rare diseases.

ABOUT GENZYME

One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 10,000 employees in locations spanning the globe and 2006 revenues of $3.2 billion. In 2007, Genzyme was chosen to receive the National Medal of Technology, the high
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Genzyme and Isis Announce Hart-Scott-Rodino Approval of Col...( CAMBRIDGE Mass. and CARLSBAD Cali...)