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Genzyme Buys a Bigger Presence in Oncology

Executive Summary

Two recent acquisition bids by Genzyme stand to suddenly amplify the company's presence in oncology. If the bids go through, the acquisition of Ilex Oncology will bring Genzyme a marketed anti-cancer product, a drug candidate gearing up for Phase II trials and some development capacity. Buying Impath out of bankruptcy will bring Genzyme a diagnostic testing laboratory. Genzyme's managers see no near-term synergies from the firms, but clearly hope eventually to intertwine diagnostics and therapeutics.

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