Biotech Firm Genzyme Wins Bid for AnorMED

Genzyme Corp. said it had agreed to acquire AnorMED Inc. of Canada for $580 million, beating out rival biotechnology company Millennium Pharmaceuticals Inc. to gain AnorMED’s experimental blood cancer drug.

Cambridge, Mass.-based Genzyme agreed to pay $13.50 a share for AnorMED in the biggest hostile takeover in the biotech industry.

AnorMED’s drug, Mozobil, is designed to facilitate stem cell transplantation in patients with blood cancers. Analysts expect the drug to generate $100 million to $300 million a year.