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

onfident in Bioenvision's prospects and available to discuss our thoughts on the situation with the Board.

Sincerely,

sig/

Jesse A. Cohn

Senior Technology Analyst

About Elliott Associates, L.P.

Elliott Associates, L.P. and its sister fund, Elliott International, L.P. have more than $8 billion of capital under management as of July 1, 2007. Founded in 1977, Elliott Associates is one of the oldest hedge funds under continuous management. The Elliott funds' investors include large institutions, high-net-worth individuals and families, and employees of the firm.

(i) Bioenvision's share of this revenue, approximately 50%, is a multiple

of the $345 million purchase price in the Genzyme Transaction, which

ignores the fact that biotech companies typically trade at high

multiples of future revenue. Additionally, the $1.3 billion revenue

figure doesn't incorporate all indications.

(ii) Even assuming this severely discounted and incomplete revenue

estimate, the $345 million valuation is inadequate.


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SOURCE Elliott Associates, L.P.
Copyright©2007 PR Newswire.
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