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CAMBRIDGE, Mass. --- Genzyme Corporation announced today that it has signed a conditional agreement to acquire certain assets of Pharming N.V., the Belgian subsidiary of Pharming Group N.V. currently operating under a court-supervised receivership.

“The welfare of the patients currently participating in our Pompe trial in Rotterdam, Essen and the United States is of utmost concern to Genzyme,” said Jan van Heek, executive vice president of Genzyme Corporation. “With this agreement, we will be in a position to provide a secure source of supply of drug for these patients. Over the longer term, we look forward to integrating and expanding the Geel facility and employees to substantially strengthen our global manufacturing capabilities.”

The conditional agreement, which is subject to the approval of the Commercial Court in Turnhout, the Province of Antwerp and the Board of Directors of Genzyme Corporation and the receipt of a favorable soil attestation for the land, is expected to close in October. Other terms of the contract were not disclosed.

Genzyme Corporation is a U.S.-based biotechnology company that develops and markets products and services to address unmet medical needs.

This press release contains forward-looking statements, including statements about: the anticipated timing and benefits of the proposed transaction; and Genzyme’s plans for the Geel facility and employees. Actual results may materially differ due to numerous factors, including without limitation: the ability to satisfy the conditions set forth in the conditional agreement and the timing thereof; the content and timing of submissions to and decisions by the relevant authorities in Belgium; the ability to manufacture sufficient quantities of product; and the risks and uncertainties described in reports filed by Genzyme Corporation with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation Exhibit 99.2 to Genzyme’s 2000 Annual Report on Form 10-K, as amended.

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