In what has been described as a humbled tone, Genzyme CEO Henri Termeer assured investors at this week’s meeting that the company would do everything possible to prevent more manufacturing problems. And, while the company has ‘settled’ a longstanding battle with Carl Icahn, the meeting was anything but docile. Labor reps peppered Termeer with questions and criticism. Others picketed outside the meeting, using as a prop an inflatable rat they said symbolized the greed & practices of management. Company officials did not respond to criticisms about high pay and drug prices.
The past few years have been embattled at the MA-based company. With Icahn lurking, the company has struggled to deliver any new products to market and recent FDA issues could have been much more publicly damning if not for other headline stories (re: J&J’s product recall). Genzyme does have a victory to cheer about: enzyme replacement drug Lumizyme was recently approved to treat Pompe disease patients in the United States….the company’s first significant FDA approval since 2003. Will this be the news that shifts their momentum?
