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Genzyme Corp. took the biggest step yet towards realizing its "biosurgery" dream with the announcement last week that it will merge two operating divisions and buy a New Jersey company to create Genzyme Biosurgery, a new division with a market value of $1.3 billion.
In the deal, Genzyme will buy BioMatrix Inc. of Ridgefield, NJ., for stock and cash worth 8738.5 million and form the separately traded unit, the two companies said in a conference call. Simultaneously, two divisions of Genzyme - Genzyme Tissue Repair and Genzyme Surgical Products will be combined with BioMatrix in the new unit that makes and sells gels, films and devices for biosurgery.
Biosurgery is the use of biotechnology and biomedical engineering to create innovative approaches to surgical problems.
"We have been building at Genzyme Corp. for the past few years a franchise in what we call biosurgery, bringing our sophisticated capabilities in biomaterials find biotherapeutics to bear on the development of products that...