Shareholders challenge share swap at Genzyme Biosurgery
This article was originally published in Clinica
Executive Summary
Shareholders with a combined 15.6% of Genzyme Biosurgery's shares have filed a motion for a temporary injunction against Genzyme. They say that Genzyme officials played down the value of the biosurgery business in order to acquire its shares at a knock-down rate, and they want to block Genzyme's plan to eliminate Genzyme Biosurgery's Nasdaq-listed shares and exchange them for shares in Genzyme General.