Delaware Court Approves Bioenvision, Genzyme Joint Petition
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Special Meeting to be Reconvened on October 22
NEW YORK and CAMBRIDGE, Mass., Oct. 10 / -- Bioenvision, Inc. (NASDAQ:BIVN) and Genzyme Corporation (NASDAQ:GENZ) announced today that the Court of Chancery of the State of Delaware granted a petition filed yesterday by both companies to reconvene Bioenvision's special stockholder meeting on October 22 to vote on the merger agreement between Bioenvision and Genzyme.
Under the Chancery Court's order, Bioenvision will reconvene the special meeting of stockholders on October 22, 2007 and reopen the polls to ensure that all Bioenvision stockholders as of the record date of September 5, 2007 are afforded an opportunity to vote for or against the adoption of the Merger Agreement and for those votes to be properly counted. Bioenvision will accept for consideration all votes, proxies or ballots related to the merger agreement delivered by any record holder. Bioenvision stockholders are not obligated to take any action or they could change their votes if they chose or vote even if they have not previously cast a vote on this matter. Appraisal rights are available to all Bioenvision stockholders prior to the taking of the vote on October 22. Bioenvision will provide additional information concerning the reconvened special meeting to all stockholders on the Record Date in a mailing to be sent October 11, 2007.
Based on a preliminary count of the votes received through October 5, 2007, approximately 55 percent of issued and outstanding shares have voted in favor of the merger.
Stockholders who have questions about the merger, need assistance in submitting their proxy or voting their shares (or changing a prior vote of their shares) should contact Bioenvision's proxy solicitor, The Altman Group, 1200 Wall Street West, Lyndhurst, NJ 07071, (800) 622-1642 (toll-free stockholders line) or (212) 681-9600 (collect), email: info@altmangroup.com. Banks and brokerages can contact The Altman Group at (201) 806-7300.
About Bioenvision
Bioenvision's primary focus is the acquisition, development, and marketing of compounds and technologies for the treatment of cancer. Bioenvision's product pipeline is focused on: Evoltra(R) (clofarabine) and Modrenal®. For more information on Bioenvision please visit our website at bioenvision.com/ .
About Genzyme
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 9,500 employees in locations spanning the globe and 2006 revenues of $3.2 billion. In 2007, Genzyme was chosen to receive the National Medal of Technology, the highest honor awarded by the President of the United States for technological innovation. In 2006 and 2007, Genzyme was selected by FORTUNE as one of the "100 Best Companies to Work for" in the United States.
With many established products and services helping patients in nearly 90 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 diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as immune disease, infectious disease, and other areas of unmet medical need.
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.
Source: Genzyme
CONTACT: Investors, Catherine E. Forte of Genzyme, +1-617-768-6881, or James S. Scibetta of Bioenvision, +1-212-750-6700; or Media, Maria E. Cantor of Genzyme, +1-617-768-6690, or Sondra S. Newman of Bioenvision,
+1-617-877-5687
Web site: www.genzyme.com/
http://bioenvision.com/
