9920326
February 20, 2002Biotech learns to be creative
Think Enron was unique in creative accounting? This article profiles creative _financings_ used by biotechnology companies. One example cited is Genzyme’s creation of Neozyme II, a corporation with a business address on Tortola in the British Virgin Islands. Neozyme II went public raising $78 million, most of which went to Genzyme. When Neozyme II’s own drug development failed, Genzyme bought them out.
