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Genzyme Corporation acquired all of the outstanding shares of AnorMED Inc., for a total value of US$584 million. The transaction was preceded by a proxy battle conducted by the Baker Funds, the holders of a control block of AnorMED shares, which led to the separation of the AnorMED board.  The acquisition was the result of the first hostile take-over contest in the history of the North American biotechnology industry, which culminated in an all-cash tender offer and co-operative support agreements between Genzyme, AnorMED and the Baker Funds.  Davies represented the Baker Funds in the proxy contest and the take-over bid.

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2006