Genzyme planning to buy back marketing rights to Synvisc

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Genzyme plans to buy back the sales and marketing rights to the
osteoarthritis pain drug Synvisc from Wyeth. The transaction is expected to close in January.
Under the terms of the agreement, Genzyme will pay Wyeth up-front
payments of $121 million in cash for the marketing rights to Synvisc in the U.S. and five European countries and make a series of milestone payments based on the volume of Synvisc sales. These additional payments could extend out to June 2012, or could total a maximum of $294 million, whichever comes first.
Worldwide sales of the drug are estimated at $240 million.
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