Genzyme Granted Fast Track, Expects $3-3.5B Revenue (GENZ)

Genzyme (NASDAQ: GENZ) announced today that its alemtuzumab for multiple sclerosis development program has been granted Fast Track status by the U.S. Food and Drug Administration (FDA). This designation covers patients with relapsing-remitting forms of the disease.

Genzyme Corp. (NASDAQ: GENZ) hosted an analyst and investor meeting in New York, focused specifically on the commercial potential of alemtuzumab for multiple sclerosis. The event was scheduled to begin at 1:00 PM ET, today. Consisting of a two hour presentation regarding internal and third party analysis discussing marketability and revenue forecast allocation associated with alemtuzumab. Forecasts are anticipating $3-3.5 billion in sales for GENZ regarding alemtuzumab.

“We are extremely pleased that our alemtuzumab development program has been assigned Fast Track status, and look forward to working closely with the FDA to expedite the program's review process,” said Henri Termeer, Genzyme's chairman and chief executive officer. “Alemtuzumab is a potentially transformative therapy for the treatment of multiple sclerosis, and an important part of our future.”

To have access the webcast, log on to www.genzyme.com

Technical Analysis

10-, 50-, and 200-day moving averages are $69.79, $71.21, and $61.76, respectively.
Look for resistance at $70.83 when trading GENZ. GENZ has been consolidating and trading in a tight range sense late August 2010. If the stock closes above $70.83 this week, it might gain momentum from side-lined investors.

About Genzyme

One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Since 1981, the company has grown from a small start-up to a diversified enterprise with more than 12,000 employees in locations spanning the globe and 2009 revenues of $4.5 billion. In 2010, Genzyme was named to the Fortune 500.