AnorMED gets shareholder backing to reject Genzyme offers

By Elaine Rigoli

Tampa, Fla., Sept. 20 - AnorMED, Inc. said the board, management and other top shareholders, representing in total more than one-third of its shares have publicly indicated they will not tender their shares at the current price offered by Genzyme.

"This rejection by shareholders holding greater than one-third of our outstanding common shares means that Genzyme will already fail to fulfill a key condition of their hostile tender offer based on the current price of that offer," chairman and interim chief executive officer Kenneth Galbraith said in a news release.

The shareholders have also said they fully support the company's engagement of Goldman Sachs to explore strategic alternatives that may offer shareholders greater value.

Genzyme has offered $8.55 a share for AnorMED in cash but the Vancouver, B.C., biopharmaceutical company rejected the bid as inadequate.

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