CAMBRIDGE, Mass.--(BUSINESS WIRE)--Genzyme Corporation (NASDAQ: GENZ), a diversified, global biotechnology company, announced today that it has received notice from Icahn Partners LP and certain of its affiliates of their intention to nominate four individuals to Genzyme’s board of directors at the company's 2010 annual meeting of shareholders. They are Mr. Carl C. Icahn, Dr. Steven Burakoff, Dr. Alexander J. Denner and Dr. Richard Mulligan.
The Nominating and Governance Committee of Genzyme’s board will evaluate the nominees and make a recommendation that is in the best interests of all of the company’s shareholders. Genzyme’s board consists of nine directors, all of whom are up for election at the 2010 annual meeting scheduled for May 20.
“Our actions demonstrate that we are open and responsive to shareholder input, and we welcome a constructive dialogue with Mr. Icahn,” said Henri A. Termeer, Genzyme’s chairman and chief executive officer. “Genzyme is regaining its momentum and will return to delivering sustainable growth this year. We have made significant changes to strengthen the company by investing in existing businesses, bringing in new senior leadership and improving corporate governance. We are completely focused on generating short- and long-term value for shareholders.”
Over the past several months, Genzyme has implemented a series of important changes, including the following:
One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 12,000 employees in locations spanning the globe and 2009 revenues of $4.5 billion.
With many established products and services helping patients in approximately 100 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company's products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune disease, and diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as cardiovascular disease, neurodegenerative diseases, and other areas of unmet medical need.
Genzyme, its directors, and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Genzyme's shareholders in connection with the company's 2010 annual meeting of shareholders. Information about the directors and executive officers of Genzyme can be found at the Company's website at www.genzyme.com in the section "About Genzyme." Information regarding the ownership by these individuals of Genzyme stock, restricted stock, and stock options is included in their filings with the SEC on Forms 3, 4 and 5, which can be found at the Company's website (www.genzyme.com) in the section "Investors." Additional information regarding the participants in the solicitation of Genzyme's shareholders will be included in the company's annual report on Form 10-K for the year ended December 31, 2009 and in the company's proxy statement in connection with the 2010 annual meeting of shareholders when those documents are filed with the SEC.
Genzyme files annual, quarterly and special reports with the SEC. The proxy statements and other reports, when available, can be obtained free of charge at the SEC's web site at www.sec.gov or from Genzyme at www.genzyme.com. Genzyme shareholders are advised to read carefully the proxy statement relating to the company's 2010 annual meeting of shareholders and any other relevant documents filed by the company with the SEC when they become available before making any voting or investment decision, because they will contain important information. A copy of the company's proxy statement will also be available for free by writing to Genzyme Corporation, 500 Kendall Street, Cambridge, MA 02142. In addition, copies of the proxy materials may be requested from our proxy solicitor, Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, (212) 750-5833.
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Genzyme’s press releases and other company information are available at www.genzyme.com and by calling Genzyme’s investor information line at 1-800-905-4369 within the United States or 1-678-999-4572 outside the United States.
Bo Piela, 617-768-6579
Patrick Flanigan, 617-768-6563