Genzyme Corporation has completed its acquisition of ILEX Oncology, Inc., a cancer drug development company with a growing marketed product, a second product nearing approval and a third well into phase 2 development. The stock-for-stock transaction is valued at approximately $1 billion.

According to the company release, the acquisition creates a solid foundation for Genzyme's growing oncology business by adding an emerging commercial presence, a robust pipeline and highly-regarded clinical development organization to the company.

"Genzyme has conducted important research in oncology for several years," said Duke Collier, executive vice president, Genzyme Corporation. "It is a challenging disease, but one where biotechnology can make a significant difference to patients and their families. With our acquisition of the cancer diagnostics business of Impath, Inc. earlier this year, and now with this exciting acquisition of the therapeutics products and development experience of ILEX, Genzyme is taking major steps to build its presence in oncology," he asserted.

Mark Enyedy, senior vice president and general manager of Genzyme's oncology business unit said, "Our immediate focus will be to advance clinical trials already well underway, to expand our sales and marketing capabilities to support the expected launch of clofarabine, and to build upon relationships with partners and customers."

"We are very pleased that the oncology franchise that we envisioned has continued to progress nicely this year," Jeff Buchalter, outgoing president and CEO of ILEX said adding, "Genzyme will now have the ability to advance this franchise to the next level and create value for all of the stakeholders who have made this business successful."