Genzyme Sells Pharmaceuticals Segment
Cambridge-based Genzyme Corp., which has operations in Central Massachusetts, has completed the sale of its pharmaceutical intermediates business to Germany's International Chemical Investors Group for an undisclosed amount.
Genzyme said the sale is aimed at focusing the company on its core businesses.
ICIG acquired all of Genzyme's pharmaceutical intermediates business, excluding drug delivery technologies.
Approximately 120 Genzyme employees will remain employed by the acquired business, which will be called Corden Pharma Switzerland LLC.
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 that is currently in Phase III clinical trials. Corden will also supply materials needed for other treatments.
The sale was the final of three divestitures announced last year by Genzyme. The others included the sale of its diagnostic products in January and its genetic testing business in December.
Genzyme announced last month that it would be acquired by French drug maker Sanofi-Aventis.
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