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Genzyme Delivers Strong Fourth Quarter to Conclude Outstanding Year
Date:2/13/2008

acquisition of Bioenvision,

Inc. in October 2007 and $(552,900)K related to our acquisition of

AnorMED Inc. in November 2006.

(6) Represents the write off of the goodwill related to our Genetics

reporting unit in September 2006 in accordance with FAS 142,

"Goodwill and Other Intangible Assets."

(7) Includes charges of $(570)K for the three months ended and $(21,102)K

for the year ended December 31, 2007 related to our completion of the

first step of the two step process under which we acquired

Bioenvision. In July 2007, we acquired approximately 22% of the

outstanding shares of Bioenvision common stock on an as-converted

basis, including all of the outstanding shares of Bioenvision

preferred stock for $(72,229)K of cash. Subsequently, in October

2007, following a favorable merger vote by Bioenvision's

shareholders, we completed the second step of the acquisition and,

effective October 23, 2007, acquired the remaining outstanding shares

of Bioenvision common stock for $(245,055)K of cash. In the fourth

quarter of 2007, we also paid $(11,975)K of cash for the outstanding

options to purchase shares of Bioenvision common stock. The full

purchase accounting for the acquisition of Bioenvision, including the

impact of the second step, is reflected in our consolidated financial

statements for the three months and year ended December 31, 2007 and

as of December 31, 2007.

(8) For the year ended December 31, 2007, includes a pre-tax gain of

$10,848K recorded on the sale of our entire investment in the common

stock of Therapeutic Human Polyclonals Inc. in March 2007, which had

a zero cost basis. For the year ended December 31, 2006, includes

pre- tax gains of $69,359K related to the liquidation
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SOURCE Genzyme Corporation
Copyright©2008 PR Newswire.
All rights reserved

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