Genzyme completes sale of intermediates business
ICIG renames business Corden Pharma Switzerland
US biotechnology company Genzyme has sold its pharmaceutical intermediates business to International Chemical Investors Group (ICIG).
The acquired business has been renamed Corden Pharma Switzerland and will operate as part of ICIG’s Corden Pharma company group. Financial terms were not disclosed.
Genzyme’s 120 employees at the pharmaceutical intermediates business will transfer to Corden Pharma, which will maintain manufacturing operations in Liestal, Switzerland and a US sales and marketing office in Boston.
As part of the agreement, Corden Pharma will provide Genzyme with materials needed for the production of an investigational drug, called eliglustat tartrate, for Gaucher disease type 1 that is currently in Phase III clinical trials.
The firm will also supply materials for the manufacture of other treatments, including neo-GAA, currently in preclinical development as a potential Pompe disease therapy.
Genzyme recently sold two other businesses – its diagnostics products and its genetic testing businesses – as part of its aim to focus on core its businesses.
The company announced a fortnight ago that it would be acquired by French pharmaceutical company sanofi-aventis for about US$20bn.
