GZTC Message Board - Msg: 2142816

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Biotech / Medical : GZTC

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To: Barbara Bullard who wrote (388)	9/8/1997 5:36:00 PM
From: Giuseppe Scalamogna	of 752

Barbara, Your welcome and I hope my insight can help you make timely and well-advised decisions about your investment in GZTC. In regards to your question, I must say Brian makes a good general point as to how GENZ views GZTC. It really is a sybling relationship I believe and their reasons for spinning GZTC off a while ago may show where they hope to head from here. GENZ might consider reacquiring GZTC if it believes that the technology underlying it should be assimilated into GENZ's current structure. I think however, that GENZ is comfortable with the current relationship as it can guide the company through it's infancy and then still continue to maintain control over it with it's equity stake. Like Brian points out, depending on how GZTC develops GENZ in theory may not be able to reacquire the company through a tender offer for the remaining shares unless they make it worth the other owner's while. As is evidenced by the fact that Steve Push is on this particular thread Genzyme basically runs GZTC. Let's not forget, the minute GZTC is acquired by GENZ shares of the company will no longer trade and it will be more difficult to represent the growth of GZTC's business within GENZ corporate structure. I think as a standalone GZTC can make more money for GENZ and the appreciation of their investment over time could be astounding and really affect their bottom line. It's really a tough call and what may actually happen could surprise all of us. On it's own, GZTC really can survive and be a wonderful company. What GENZ's longer-term motives are is tough to tell. Let's at least take from this however that GENZ does not have a passive interest in the company and it is in their best interest for GZTC to succeed. GZTC is very unique and in my mind one of the greatest investment opportunities I've ever come across. Regards, GS

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