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Genzyme and Isis Announce Strategic Alliance Including Exclusive Worldwide License of Mipomersen
Date:1/7/2008

Breakthrough, Potential Blockbuster Product for High Risk Cardiovascular

Patients

CAMBRIDGE, Mass. and CARLSBAD, Calif., Jan. 7 /PRNewswire-FirstCall/ -- Genzyme Corp. (Nasdaq: GENZ) and Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) announced today that they have entered a major strategic alliance in which Genzyme will develop and commercialize mipomersen, Isis' lipid-lowering treatment for high risk cardiovascular patients that utilizes novel antisense technology. As part of the strategic relationship, Genzyme will also have preferred access to future Isis drugs for CNS and certain rare diseases. The companies will host a webcast conference call today at 5:15 pm EST (2:15 pm PST) to discuss the transaction.

Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock for $30 per share upon Hart-Scott-Rodino clearance. Upon completion of final contracts, Genzyme will pay Isis a $175 million up-front mipomersen license fee. In addition to this initial $325 million, Isis has the potential to receive significant milestone payments for mipomersen, which is currently in phase 3 trials. Once the product is launched, the two companies will share profits.

"This alliance is an excellent strategic fit for Genzyme's business model and culture," said Henri A. Termeer, Genzyme's chairman and chief executive officer. "Mipomersen is an innovative approach to addressing a real unmet medical need, and we believe it could prove to be the most effective lipid-
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SOURCE Genzyme Corp.; Isis Pharmaceuticals, Inc.
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