Shake Up at Bioenvision: Two Board Members Resign

Two Bioenvision board members associated with the Perseus-Soros Biopharmaceutical Fund have resigned, the New York biotech firm announced today. The move could clear the deck for minority shareholder SCO Capital to fill the slots and continue its fight against a Genzyme takeover.

Andrew N. Schiff and Steven A. Elms were advisors to the Perseus-Soros fund, which sold its holdings in the company in response to a tender offer made by Genzyme. The offer was rejected by most common-stock shareholders, but Genzyme said it would continue to press for a merger of the two companies. Last week, as we reported, SCO asserted its claimed prior rights to two board spots and called for an overhaul of Bioenvision’s leadership—as well as the revocation of Genzyme’s existing rights to Bioenvision’s promising leukemia drug, clofarabine.

A Genzyme spokesperson said today that her company would not seek the two open board positions, so they might well go to SCO Capital. We’ve put in calls to SCO and Bioenvision and will continue to follow this story as it unfolds.

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