French firm to acquire Genzyme in €20bn deal

FRENCH pharmaceutical company Sanofi-Aventis is to acquire US biotechnology firm, Genzyme, in a €20.1 billion deal which is unlikely to adversely affect the latter’s significant Irish presence.

Genzyme — which, yesterday, reported a set of results showing sluggish annual growth, but good fourth quarter recovery — has one of its main manufacturing facilities based in Waterford, employing around 500; a base in which it has invested more than €400m since establishing it ten years ago.

The Cambridge, Massachusetts-based company makes its kidney disease treatment, Renagel, in Waterford and distributes another six key products to patients in more than 60 countries from its base in the south-east.