Genzyme to Acquire Ilex Oncology for $1 Billion
By Biotechdaily staff writers
Posted on 16 Mar 2004
In a move to build an oncology business, Genzyme Corp. (Cambridge, MA, USA) has agreed to acquire Ilex Oncology, Inc. (San Antonio, TX, USA) for about U.S.$1 billion in stock.Posted on 16 Mar 2004
Ilex has a promising pipeline of new products, including two late-stage products. The company's lead product, Campath (alemtuzumab) is designed for the treatment of B-cell chronic lymphocytic leukemia (B-CLL) and has been cleared by the U.S. Food and Drug Administration (FDA) for the treatment of B-CLL in patients who have been treated with alkylating agents and who have failed fludarabine therapy. Campath is also being tested as a treatment for multiple sclerosis and organ transplant surgery. Schering AG holds exclusive worldwide marketing and distribution rights.
"Through this merger, we gain an experienced team that has brought cancer therapy from development to market,” said Henri A. Termeer, chairman and chief executive officer of Genzyme. "The combined strength of the Ilex program and Genzyme's oncology pipeline expertise and infrastructure will provide the foundation for a sustainable and competitive commercial oncology business.”
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