Genzyme
From Wikipedia, the free encyclopedia
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| Type | Public (NASDAQ: GENZ) |
|---|---|
| Founded | Boston, Massachusetts, USA (1981) |
| Headquarters | Cambridge, Massachusetts, United States |
| Key people | Henri A. Termeer, Chairman of the Board and C.E.O. |
| Industry | biotechnology |
| Products | Cerezyme Fabrazyme Synvisc Renagel More Complete Product List |
| Revenue | US $4.61 billion (2007 calendar)[1] |
| Operating income | ▲US $581 million (2007 calendar)[1] |
| Net income | ▲US $421 million (2007 calendar)[1] |
| Employees | 10,788 (as of July 8, 2008) |
| Website | www.genzyme.com |
Genzyme Corporation (NASDAQ: GENZ) is a biotechnology company based in Cambridge, Massachusetts. Genzyme is the world’s third-largest biotechnology company, employing more than 11,000 people around the world. The company has a presence in approximately 40 countries, including 17 manufacturing facilities and 9 genetic-testing laboratories, its products are sold in 90 countries. In 2007, Genzyme generated $3.8 billion in revenues with more than 25 products in the market. In 2006 and 2007 Genzyme was named one of Fortune Magazine’s “100 Best Companies to Work for”. The company donated $83 million worth of products worldwide; in 2006, it made $11 million in cash donations. In 2005, Genzyme was awarded the National Medal of Technology, the highest level of honor awarded by the president of the United States to America’s leading innovators.[2]
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[edit] History
The company, started by Sheridan Snyder and scientist Henry Blair in 1981, was primarily devoted to finding drugs that would cure enzyme deficiency conditions that were essential to human survival and which usually afflict a very small percentage of the world’s population. Drugs used to treat such conditions are considered to be “orphan drugs.” In 1986, the company went public, raising $27 million.
[edit] Operations
Genzyme focuses on six areas of medicine relating to lysosomal storage diseases, renal disease, orthopedics, transplant and immune diseases, oncology, genetics and diagnostics. The first orphan-drug for Genzyme that FDA approved was Ceredase, a drug for treating Gaucher disease. Ceredase was eventually replaced by Cerezyme, which, at a cost of $200,000 per patient annually for life, currently accounts for approximately 30% of Genzyme's revenue. Other important drugs made by Genzyme are Renagel, used in treatment of dialysis patients, and Fabrazyme, used to treat patients with Fabry's disease. Other products in development are Tolevamer for Clostridium difficile colitis disease and Campath for chronic lymphocitic leukemia.
Genzyme had a sub-license from Bioenvision to market clofarabine in North America. On Tuesday, May 29, 2007 Genzyme made a tender offer to purchase Bioenvision for $5.60 per share. On October 27, 2007, a majority of shareholders voted to approve Genzyme's acquisition.[3] In 2007, CEO, President, and Board Chairman Henri Termeer, earned a salary of $2.5 million, and non-cash compensation worth $129 million.[4]
[edit] Contamination incidents
In June 2009, Genzyme’s Allston, Massachusetts plant was shut down for several weeks to correct a viral contamination. It has since restarted operation and is undergoing FDA inspection.[5]
In November 2009, fragments of stainless steel, rubber and fiber-like material were discovered in some of Genzyme’s drugs. The FDA found these materials in Cerezyme, Genzyme's treatment for Gaucher disease, a rare genetic disorder that can lead to life-threatening organ damage. For now, the FDA is permitting the drug to stay in the market, because there have been no adverse events, and there is a critical need for the product. [6]
[edit] Products
- Cerezyme
- Fabrazyme
- Aldurazyme
- Myozyme
- Renagel
- Hectorol
- Synvisc
- Carticel
- Thymoglobulin
- Campath
- Clolar
- Thyrogen
- Sepra family of products
- Epicel
[edit] Lobbying
Genzyme has spent more than $8.2 million on lobbying from 2007 to 2009. In 2009 alone, it had 10 different organizations with a total of 49 lobbyists working on its behalf. [7]
[edit] References
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This article includes a list of references or external links, but its sources remain unclear because it has insufficient inline citations. Please help to improve this article by introducing more precise citations where appropriate. (February 2009) |
- ^ a b c Yahoo!Finance. "Income Statement for Genzyme". Yahoo!. http://finance.yahoo.com/q/is?s=GENZ&annual. Retrieved 2007-03-16.
- ^ "The National Medal of Technology Recipients 2005 Laureates". The National Medal of Technology and Innovation. United States Patent and Trademark Office. 2009-02-19. http://www.uspto.gov/nmti/recipients_05.html. Retrieved 2009-02-26.
- ^ Associated Press (2007-10-22). "Genzyme Claims Victory in Prolonged Bid for Bioenvision". International Herald Tribune (France). http://www.iht.com/articles/ap/2007/10/22/business/NA-FIN-US-Genzyme-Bioenvision.php. Retrieved 2007-11-10.
- ^ Forbes (12/2007). "Henri Termeer Profile". Henri Teemer profile. http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=222120. Retrieved 2008-07-10.
- ^ http://online.wsj.com/article/BT-CO-20091113-715786.html Wall Street Journal, Dow Jones, Foreign particles founds in genzyme medications, Nov 13 2009
- ^ http://www.reuters.com/article/domesticNews/idUSTRE5AC5OF20091113 Reuters, Steel, rubber, found in some genzyme drugs, Nov 13, 2009
- ^ http://www.opensecrets.org/lobby/clientsum.php?year=2008&lname=Genzyme+Corp&id= Center for Responsive Politics
- Schouten, E. "Genzyme’s lifelong commitments". NRC Handelsblad. November 24, 2005.
- http://www.gaucher.org.uk/cercer.htm)
- Hirehealth’s website (http://www.hirehealth.com/Public/CompanyDetails.aspx?COMPANY_ID=44719)
- Riskind. P. Multiple Sclerosis—The immune system’s terrible mistake. Fall 1996, Vo. 5, No. 4.
- Hoovers’ website (http://www.hoovers.com/genzyme/--ID__13560--/free-co-factsheet.xhtml)
- Calabro, S. "Genzyme put patients first, and grew to become a multi-billion-dollar company. But empires don't survive on altruism." Pharmaceutical Executive, [March 1, 2006] (http://www.pharmexec.com/pharmexec/article/articleDetail.jsp?id=310976&&pageID=7&searchString=genzyme)
