updated 10/19/2010 10:16:09 AM ET 2010-10-19T14:16:09

NEW YORK, Oct. 19, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit in the United States District Court, District of Massachusetts (Case No: 1:10-cv-11776), on behalf of current shareholders of Genzyme Corp. ("Genzyme" or the "Company") (NYSE:GENZ) common stock, against Genzyme, certain of its top officials, and members of its Board of Directors for violating Section 14(e) of the Securities Exchange Act of 1934 and breaching their fiduciary duties to Genzyme shareholders, in connection with a tender offer by Sanofi-Aventis SA ("Sanofi") to purchase Genzyme for $69 per share ("Tender Offer").

Genzyme is a biotechnology company with a broad product and service portfolio focused on rare genetic disease orders, renal disease, orthopedics, cancer, transplant and immune disease, and diagnostic and predictive testing. In July 2010, Sanofi attempted to engage Genzyme in discussions concerning a potential acquisition of Genzyme by Sanofi. Specifically, Sanofi proposed to purchase Genzyme for $69 per share, a transaction valued at approximately $18.5 billion. On August 11, 2010, Genzyme rejected Sanofi's non-coercive, good faith, premium offer, despite Sanofi's stated willingness to consider significant increases in its offering price, perhaps to as high as $80 per share, if Genzyme allowed Sanofi to conduct a due diligence review of confidential business information. However, Genzyme has refused to allow Sanofi's due diligence review unless Sanofi first raised its price, without specifying any particular price it wanted Sanofi to offer. On October 4, 2010, Sanofi commenced a Tender Offer to purchase all of the outstanding common shares of Genzyme.

On October 7, 2010, Genzyme, with the approval of its Board of Directors, issued a materially false and misleading Solicitation/Recommendation Statement on Schedule 14D-9. The 14D-9, which recommends that Genzyme shareholders reject the Tender Offer and not tender their shares, omits and/or misrepresents material information and fails, among other things, to provide any credible explanation of why the Board of Directors refuses to negotiate with Sanofi and allow Sanofi to conduct a due diligence review that might support a higher offering price. Instead, the 14D-9 states that Sanofi's offering price is not high enough to warrant either negotiations or allowance of a due diligence review by Sanofi. However, given Sanofi's expressed willingness to consider raising its offering price to as high as $80 per share, Genzyme's position is untenable.

If you are a Genzyme shareholder, you have until December 20, 2010 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Fei-Lu Qian at flqian@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.

The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .

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