1980s: Early history
The company was started by Sheridan Snyder and George M. Whitesides in 1981.[5] Genzyme's scientific founder was Henry Blair who had a contract with the National Institutes of Health (NIH) to produce modified enzymes for the NIH to test in clinical trials.[6] Blair was a technician at the New England Enzyme Center at Tufts Medical School.[6] Genzyme's first office was an old clothing warehouse adjacent to Tufts Medical School.[6] In 1981, with the help of venture capital funding, the company made its first acquisition; Whatman Biochemicals Ltd. In 1982, it made its second acquisition, British-based Koch-Light Laboratories, later becoming Genzyme Pharmaceutical and Fine Chemicals.[7]
Henri Termeer joined Genzyme as its president in 1983 and worked to redirect the company, which by this time had reached a valuation of $100 million, from its focus on diagnostic enzymes to modified enzymes for use as human therapeutics.[8]
In 1984, Robin Berman, MD, who volunteered at the NIH, had a three-year-old son Brian, who had Gaucher's disease. He was scheduled for a spleen removal but his mother pleaded with Roscoe Brady, MD, an expert in Gaucher's disease, to include Brian in the clinical trial of Ceredase along with the other seven patients who were all adults.[9] This trial ultimately failed due to use of too low a dose of the enzyme, but Ceredase went on to "become the company's most important product line", receiving FDA approval in 1991[8]
In 1985, Termeer became the company's Chief executive officer (CEO) and in 1986, he took the company public.[8]
In 1989, Termeer acquired Integrated Genetics, strengthening the company's presence in molecular biology, protein chemistry, carbohydrate engineering, nucleic acid chemistry, and enzymology.[7]
1990s: Product launches and further expansion
Following the approval and success of Ceredase in 1991, Genzyme became devoted to finding drugs, involving recombinant human enzymes[8] that would treat 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. Ceredase was the first effective treatment for Gaucher's disease, a previously rare, untreatable and potentially fatal genetic disorder.[7] At the time, Ceredase also drew criticism for being the most expensive drug ever sold, on average $150,000 per patient a year.[7] In 1991, Genzyme also took IG laboratories, acquired in 1989, public raising $14 million on IPO. Genzyme's also sold off its interest in GENE-TRAK systems for $10 million and acquired Genecore International's diagnostic enzyme division.[7]
In 1992, Genzyme acquired Medix Biotech, Inc., a producer and supplier of monoclonal and polyclonal antibodies, immunoassay components, and immunodiagnostic services. In the same year, Genzyme Limited, acquired Enzymatix Ltd and genetics testing laboratory Vivigen.
2000s: diversification
In 2000, the company announced its plan to acquire Biomatrix, Inc.[10]
In August 2003, the company acquired SangStat Medical Corp. and its principal anti-organ rejection drug named Thymoglobulin for $600 million.
In 2004, the company acquired Ilex Oncology Inc.[11] Genzyme acquired several of Impath's laboratories and cancer-testing technologies in May 2004, after Impath sought Chapter 11 bankruptcy protection.[12]
In 2005, the company acquired Bone Care International Inc for $600 million.[7]
In 2006, the company acquired AnorMED Inc. for $580 million[13]
Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
