Genzyme Begins Tender Offer for SangStat
The biotech cpmpany starts a cash tender offer of $22.50 a share.
The biotech cpmpany starts a cash tender offer of $22.50 a share.
Genzyme
(GENZ)
said Wednesday that it has begun a cash tender offer of $22.50 a share to acquire all of the outstanding shares of
SangStat Medical Group
(SANG)
.
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Fremont, Calif.-based SangStat makes an antibody product used in organ transplantation and has a product-development program for immune-mediated diseases.
The offer and withdrawal rights will expire after midnight on Sept. 10, the company said.
Genzyme
first announced the agreement on Aug. 4. At that time, the company had said the acquisition would dilute earnings through 2004 due to amortization. Shares of the biotechnology company were down about 2.7%, or $1.26, at $45.39 in late
Nasdaq
trading.
