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Genzyme acquisition of PharmaGenics sets stage for spin-off of molecular oncology division.

Executive Summary

GENZYME MOLECULAR ONCOLOGY DIVISION INITIAL PUBLIC OFFERING PLANNED FOR 1997 depending on market conditions, the company said. In the shorter term, Genzyme is forming the new division through the acquisition of closely-held PharmaGenics in exchange for 4 mil. shares of new tracking stock. Genzyme previously issued tracking stock, which allows a division to trade separately from the parent company while allowing Genzyme to remain a single tax entity, for its general division and tissue repair division.
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