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Genzyme Series N Warrants Expire 12/31/96

CAMBRIDGE, Mass., Nov. 22 /PRNewswire/ -- Genzyme Corp. today announced it has notified holders of Genzyme Corp.'s Series N Warrants, CUSIP 372917-12-0 (Nasdaq: GENZZ), that the warrants will expire on December 31, 1996.

The exercise price and the number and kind of shares issuable upon exercise of each Series N Warrant have been adjusted for two events affecting Genzyme's capital stock. The first was the redesignation of Genzyme Corp.'s common stock as General Division common stock (Nasdaq: GENZ) and the payment of a stock dividend of 0.135 share of Tissue Repair Division common stock (Nasdaq: GENZL) to General Division stockholders on December 23, 1994. The second was a two-for-one stock split of the General Division stock paid in the form of a stock dividend on July 25, 1996.

As a result of these events, each Series N Warrant is now exercisable for two shares of General Division common stock and 0.135 share of Tissue Repair Division stock. At market close, Thursday, November 21, the share value of the warrant totaled $41.25. The exercise price for the warrant is $38.25. Warrant holders will receive cash for any fractional share of Tissue Repair Division stock at the rate of $5.0625.

The information agent for the warrant expiration is

Shareholder Communications Corporation

Nationwide toll-free (800) 221-5724

In New York (212) 805-7000

Warrant exercises must be received by the warrant agent by 5:00 p.m. EST on Tuesday, December 31, 1996. The warrant agent is

American Stock Transfer & Trust Company

40 Wall Street

New York, NY 10005

Attn: Reorganization Department

One of the world's top five biotechnology companies, Genzyme focuses on developing innovative products and services for major unmet medical needs. The company's General Division develops and markets pharmaceuticals, genetic diagnostic services, and therapeutic, diagnostic, and surgical products. Its Tissue Repair Division is a leading developer of biological products for the treatment of cartilage damage, severe burns, chronic skin ulcers, and neurodegenerative diseases.

NOTE: Genzyme's releases are on the World Wide Web at http://www.prnewswire.com. They are also available from Genzyme's fax-on- demand service at 1-800-436-1443 within the United States or 1-201-521-1080 outside the United States.

SOURCE Genzyme Corporation
 -0- 11/22/96


/CONTACT: Media: Marcie Campbell, 617-252-7868, or Shareholder: Beth O'Hara Parker, 617-252-7576, both of Genzyme/

(GENZ GENZZ GENZL)

CO: Genzyme Corporation ST: Massachusetts IN: MTC SU:

SB -- NEF012 -- 5929 11/22/96 14:56 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 22, 1996
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