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| Type | Public (NASDAQ: GENZ) |
|---|---|
| Founded | Boston, Massachusetts, USA (1981) |
| Headquarters | Cambridge, Massachusetts, United States |
| Key people | Henri A. Termeer, Chairman of the Board and C.E.O. |
| Industry | biotechnology |
| Products | Cerezyme Fabrazyme Synvisc Renagel More Complete Product List |
| Revenue | US $3.81 billion (2007 calendar)[1] |
| Operating income | ▲US $2.89 billion (2007 calendar)[1] |
| Net income | ▲US $480 million (2007 calendar)[1] |
| Employees | 10,788 (as of July 8, 2008) |
| Website | www.genzyme.com |
Genzyme Corporation (NASDAQ: GENZ) is a biotechnology company based in Cambridge, Massachusetts. Genzyme is the world’s third-largest biotechnology company, employing more than 11,000 people around the world. At present, the company has approximately 80 locations in 40 countries. It includes 17 manufacturing facilities and 9 genetic-testing laboratories. The company’s products are available in nearly 90 countries. In 2007, Genzyme generated $3.8 billion in revenues with more than 25 products in the world’s markets. Philanthropically, the company has donated $83 million worth of products worldwide; in 2006, it made $11 million in cash donations. In 2006 and 2007 Genzyme was named one of Fortune Magazine’s “100 Best Companies to Work for.” Additionally in 2005, Genzyme was awarded the National Medal of Technology, the highest level of honor awarded by the president of the United States to America’s leading innovators.[2]
The company, started by Sheridan Snyder and scientist Henry Blair in 1981, was primarily devoted to finding drugs that would cure enzyme deficiency conditions that were essential to one’s survival and which usually afflict a very small percentage of the world’s population. Drugs used to treat such conditions are termed “orphan drugs.” In 1986, the company went public raising $27 million.
Genzyme focuses on six areas of medicine relating to lysosomal storage diseases, renal disease, orthopedics, transplant and immune diseases, oncology, genetics and diagnostics. The first orphan-drug for Genzyme that FDA approved was Ceredase, a drug for treating Gaucher disease. Ceredase was eventually replaced by Cerezyme, which currently accounts for approximately 30% of Genzyme's revenue. Other important drugs made by Genzyme are Renagel, used in treatment of dialysis patients, and Fabrazyme, used to treat patients with Fabry's disease. Other products in development are Tolevamer for Clostridium difficile colitis disease and Campath for chronic lymphocitic leukemia.
Genzyme had a sub-license from Bioenvision to market clofarabine in North America. Bioenvision had the rights to Clofarabine in the rest of the world. On Tuesday, May 29, 2007 Genzyme made a tender offer to purchase Bioenvision for $5.60 per share. Bioenvision management and the board of directors tendered their shares via an agreement prior to the announcement. However, not many other shareholders did and the tender offer closed without Genzyme acquiring their necessary 51% of Bioenvision. Those against the purchase felt that Genzyme's offered price was too low. On October 27, 2007, however, a majority of shareholder did vote to approve Genzyme's acquisition at the exact same price ($345 million, or $5.60 per share) as the original tender offer in May.)[3]
In 2007, CEO, President, and Board Chairman Henri Termeer, earned a salary of $2.5 million, and non-cash compensation worth $129 million.[4]
Product Listing
- Cerezyme
- Fabrazyme
- Aldurazyme
- Myozyme
- Renagel
- Hectorol
- Synvisc
- Carticel
- Thymoglobulin
- Campath
- Clolar
- Thyrogen
- Sepra family of products
- Epicel
References
- ^ a b c Yahoo!Finance. "Income Statement for Genzyme". Yahoo!. http://finance.yahoo.com/q/is?s=GENZ&annual. Retrieved on 2007-03-16.
- ^ "The National Medal of Technology Recipients 2005 Laureates". The National Medal of Technology and Innovation. United States Patent and Trademark Office. 2009-02-19. http://www.uspto.gov/nmti/recipients_05.html. Retrieved on 2009-02-26.
- ^ Associated Press (2007-10-22). "Genzyme Claims Victory in Prolonged Bid for Bioenvision". International Herald Tribune (France). http://www.iht.com/articles/ap/2007/10/22/business/NA-FIN-US-Genzyme-Bioenvision.php. Retrieved on 2007-11-10.
- ^ Forbes (12/2007). "Henri Termeer Profile". Henri Teemer profile. http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=222120. Retrieved on 2008-07-10.
- Schouten, E. "Genzyme’s lifelong commitments". NRC Handelsblad. November 24, 2005.
- http://www.gaucher.org.uk/cercer.htm)
- Hirehealth’s website (http://www.hirehealth.com/Public/CompanyDetails.aspx?COMPANY_ID=44719)
- Riskind. P. Multiple Sclerosis—The immune system’s terrible mistake. Fall 1996, Vo. 5, No. 4.
- Hoovers’ website (http://www.hoovers.com/genzyme/--ID__13560--/free-co-factsheet.xhtml)
- Calabro, S. "Genzyme put patients first, and grew to become a multi-billion-dollar company. But empires don't survive on altruism." Pharmaceutical Executive, [March 1, 2006] (http://www.pharmexec.com/pharmexec/article/articleDetail.jsp?id=310976&&pageID=7&searchString=genzyme)
External links
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