Genzyme forms new division with acquisition:
This article was originally published in Clinica
Genzyme is to acquire PharmaGenics and create a new division, Genzyme Molecular Oncology, which will develop molecular approaches to cancer diagnosis and therapy. With the acquisition, which is expected to close in May, Genzyme will create a third tracking stock in addition to its General Division and Tissue Repair Division. The shareholders of PharmaGenics will receive 40% of the shares in the Molecular Oncology Division. Shareholders of Genzyme General Division will receive the other 60% after an initial public offering later this year which will list the new division on Nasdaq.