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SCO CAPITAL PARTNERS LLC
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VIA FACSIMILE: 212-750-6777
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May 29th, 2007
Board of Directors
ATTN: Xxxxxxxxxxx X. Xxxx
Bioenvision, Inc.
000 Xxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000
RE: Genzyme Acquisition Deal
Dear Bioenvision Board of Directors:
We are writing to express our dissatisfaction with today's announcement of a
buyout for $5.60 per share on the grounds that the offer does not adequately
reflect the long-term value of Bioenvision's drug pipeline. Given that the
Company just completed a dilutive financing in order to finance the completion
of additional clinical trials for Evoltra, this deal seems particularly
ill-timed. Additionally, the timing of the sale, potentially just months before
an Evoltra approval in adult AML, where Genzyme recently publicly stated "the
drug is showing dramatic complete response rates" seems suboptimal. The Company
just traded off a 52-week low, so it seems odd that buyout negotiations would be
taking place in this time-frame. We currently oppose the deal.
Please feel free to contact us with any questions or concerns at 000-000-0000.
Regards,
/s/ Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx
Chairman
1285 AVENUE OF THE XXXXXXXX, 00XX XXXXX, XXX XXXX, XXX XXXX 00000
Telephone: 000-000-0000 Fax: 000-000-0000
