CAMBRIDGE, Mass., Feb. 28 /PRNewswire-FirstCall/ -- The board of directors for Genzyme Corporation today voted on two issues related to the composition of the board. First, it determined that Robert J. Carpenter now qualifies as an independent director, increasing the percentage of the company's directors that are independent from 67 percent to 78 percent. In addition, the board nominated two directors to stand for reelection.
Gail K. Boudreaux and Douglas A. Berthiaume will be up for reelection to one-year terms at the 2007 annual meeting of shareholders in May. Previously, directors had been elected to serve three-year terms. This change is a result of a company-sponsored proposal to phase in the annual election of all directors that was approved by shareholders at the 2006 annual meeting.
Director Henry E. Blair, whose term also expires in May, will not be seeking reelection to the board. Mr. Blair, who co-founded Genzyme in 1981 and has served on the board since that time, will complete his current term. Prior to co-founding Genzyme, Mr. Blair worked for Tufts University School of Medicine for approximately 20 years, the last seven of which were increasingly focused on a program on enzyme replacement therapy for Gaucher disease. Genzyme's first therapeutic program was a treatment for Gaucher disease, which ultimately developed into Cerezyme, the company's flagship product.
"Henry helped build the foundation that has enabled Genzyme to become the successful, patient-focused company that it is today," said Henri A. Termeer, chairman and chief executive officer of Genzyme Corp. "He has played an integral role in our growth and we are grateful for his many years of dedicated service."
Mr. Blair is currently chairman and chief executive officer of Dyax Corp., a developer of novel biotherapeutics for unmet medical needs. He has been a director and officer of Dyax since co-founding it in 1989. Prior to Dyax, Mr. Blair served as Genzyme's senior vice president of scientific affairs from the company's founding until 1989. He was also a co-founder of Biocode Inc. and GelTex Pharmaceuticals Inc., and was a director of Esperion Therapeutics Inc. prior to its acquisition by Pfizer Inc. in 2004.
"The 26 years that I will have spent working with Genzyme have been fulfilling. Especially rewarding has been the opportunity to contribute to programs which were on the forefront of bringing therapies to orphan indications," said Mr. Blair. "My decision not to seek reelection is based upon a need to focus all of my attention on continuing to build Dyax into a successful biotechnology company."
At the end of Mr. Blair's term, all members of the board, aside from Mr. Termeer, will be independent directors. The board will operate with eight directors until the nominating and corporate governance committee decides whether to nominate a ninth person for election.
Three directors were elected to three-year terms in 2006. Once their terms expire in 2009, all directors will be elected annually. With his new qualification as an independent director, Mr. Carpenter will join the board's compensation committee and its nominating and corporate governance committee.
About Genzyme
One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 9,000 employees in locations spanning the globe and 2006 revenues of $3.2 billion. Genzyme has been selected by FORTUNE as one of the "100 Best Companies to Work for" in the United States.
With many established products and services helping patients in nearly 90 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company's products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune diseases, and diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as heart disease and other areas of unmet medical need.
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Media Contact: Investor Contact: Erin Emlock Kristen Galfetti (617) 768-6923 (617) 768-6563
Genzyme CorporationCONTACT: Media Contact: Erin Emlock, +1-617-768-6923, or Investor Contact:Kristen Galfetti, +1-617-768-6563, both of Genzyme Corporation
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