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Elliott 'Extremely Dissatisfied' With Genzyme Bid for Bioenvision; Believes Offer Significantly Undervalues Company
Date:9/6/2007

ptember 2006 corporate investor presentation, Bioenvision

presented a slide entitled, "Evoltra - Global Blockbuster Potential"

(Evoltra is the brand name for clofarabine) showing an estimated total

market potential for clofarabine of $1.3 billion, excluding the

potential to treat solid tumors and autoimmune diseases.

ii) Genzyme's view of clofarabine, as discussed on the May 29, 2007

conference call with investors, is that it will reach $600 million of

revenue. Note that this view selectively incorporates only the

pediatric ALL, adult AML and MDS indications and was supplied by the

acquirer who just announced a very favorable purchase price for this

revenue stream.

iii) The lion's share of equity research price targets were far higher

than the $5.60 per share Genzyme offer price. UBS, the bank providing

the "fairness opinion" to the Board, had a $13 price target (132%

higher than the Genzyme Transaction). AG Edwards had a $9 price target

(61% higher than the Genzyme Transaction). Rodman and Renshaw had a

$12 price target (114% higher than the Genzyme Transaction). CIBC had

an $8 price target (43% higher than the Genzyme Transaction).

Oppenheimer had an $11 price target (96% higher than the Genzyme

Transaction). In fact, of all the coverage on the Street, we could

only find one price target below the $5.60 per share offered by Genzyme

(Fortis Bank).

Furthermore, in evaluating clofarabine, Elliott retained expert life science consultants to complete their own, independent projections. Our consultants conceded that while the current application to the EMEA would likely require additional data (which has now been affirmed), they found clofarabine to be a novel compound with "several potential advantages" over current treatment options. Most importantly, they conservatively est
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SOURCE Elliott Associates, L.P.
Copyright©2007 PR Newswire.
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