GENZYME - THE KING OF THE BIOTECHS Message Board

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Biotech / Medical : GENZYME - THE KING OF THE BIOTECHS

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To: Harold Engstrom who wrote (289)	7/17/1998 4:26:00 PM
From: Caveat Emptor	Read Replies (1) of 410

I don't think there is an "arms length" scenario with this Partnership Unit Transaction of 11/97. Here is one disturbing fact. Assuming you have looked at the 13D of Bioroyalties, and latest 10K of Paine Webber R+D Partners 11, and the On-Line Genzyme Newsletter Ihave offered. Steven Evens Freke has been General Partner of Paine Webber R+D Partners 11 since the beginning. Involved with the Partnerships numerous investments in Genzyme since 1989, as well as being involved with most of the underwriting activity of Genzyme since the IPO. Steven Evens Freke is ALSO the Managing General Partner of Pharmaceutical Partners LLC (C/O Bioroyalties LLC). My point is that the Tender Offer for these Units, and the Money Paid for these Partnership Units really didn't change anything. Same guys are running the partnership, only a significant amount of cash changed hands. COMPENSATION is what its all about. "Spinning" probe focus is questionable compensation between Executives of Companies, and Investment Underwriting/Venture Funding Managers. Information is the Investors Advocate! CAVEAT EMPTOR

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