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Henri A. Termeer knows what he has and knows what he needs.
What he has is Genzyme Corp., a $26 million Boston-based biotechnology company long on financial stability but short on long-range products and genetic engineering technology.
What he needs is a way to broaden Genzyme's technological capabilities and gain access to a product pipeline for the 1990s and beyond.
What he's getting is Integrated Genetics Inc., an $11.1 million Framingham, Mass., biotech company which, despite a history of financial troubles, is expected to provide Genzyme with products that will vault it into the ranks of the nation's leading biotechnology firms.
"IG needs a vehicle to maximize its potential, and Genzyme needs products to help it grow beyond the early 1990s, so the companies fit well," says Termeer, Genzyme's chairman and chief executive. "All together, it forms a very natural, complementary business."
THE TERMS
The merger, which is expected to be completed in August, involves an exchange of stock valued at slightly more than $30 million. Under the terms of the merger, IG shareholders will receive shares of Genzyme's common stock for each share of IG. Approximately 3.1 million new Genzyme shares will be issued. If completed as planned, the merger will make Genzyme, at $40 million, the sixth-largest biotechnology company...