Genzyme sells pharmaceuticals segment
Cambridge, Mass.-based Genzyme has completed the sale of its pharmaceutical intermediates business to Germany's International Chemical Investors Group for an undisclosed amount, according to BIOSmartBrief.
Genzyme said selling the unit will allow it to focus on its core businesses. ICIG acquired all of Genzyme's pharmaceutical intermediates business excluding drug delivery technologies.
Approximately 120 Genzyme workers will remain employed by the new business, which will be called Corden Pharma Switzerland.
Corden Pharma has offices in Switzerland and Boston and will supply Genzyme with materials needed to produce eliglustat tartrate, an investigational treatment for Gaucher disease type 1 currently in phase III clinical trials. Corden will also supply materials needed for other treatments.
Genzyme announced last month it would be acquired by French drugmaker Sanofi-aventis.