Last week, Termeer and Icahn announced they had struck a deal whereby Icahn would have two of his candidates added to the Genzyme board of directors and he would in return cease his proxy fight and Termeer's ouster.
At the board meeting this week, as reported in Xconomy by Ryan McBride, it was smooth sailing for Termeer and the rest of the company directors. Termeer stated that he had no intention of leaving the company, and further said "we can get away from the conflict and start to run the company again, moving forward with very, very exciting developments...."
These exciting developments include Genzyme's sale of $1 billion in corporate debt to complete its buy back of the first half of a planned $2 billion in company stock. The buy back is intended to increase shareholder value.
Genzyme further anounced this week that the FDA had given fast track approval to its new multiple sclerosis drug, alemtuzumab. Alemtuzumab is currently marketed as Campath, MabCampath or Campath-1H for treatment of chronic lymphocytic leukemia (CLL), cutaneous T-cell lymphoma (CTCL) and T-cell lymphoma. Fast track status provides for expedited review and allows Genzyme to submit portions of its MS BLA as they are completed rather than having to wait until the entire application is completed.
By and large, a pretty good week for Termeer and the boys of Genzyme.
Posted by Bruce Lehr May 18th 2010.