Genzyme Corporation is a biotechnology company that develops and markets innovative products and services designed to address significant unmet medical needs. The corporation is comprises of three divisions, each with its own tracking stock. The Genzyme Biosurgery division, which has had a loss of 160 million dollars, had a market capitalization of 186 million dollars. This division develops and markets a portfolio of devices, advanced biomaterials and biotherapeutics, primarily for cardiothoracic, orthopedic, and general surgery markets. Genzyme Biosurgery provides limited forecasts on the cost to research and development (R&D) completion for certain products, while warning about the inherent uncertainty of forecasting biotechnological and pharmaceutical products. The total R&D costs to completion to the product development and launch stage for the existing portfolio of 19 products would be 70 million dollars, spread over the next several years. The division had limited cash available, and it is likely that some costs would need to be funded by further rights issues to the shareholders. © 2003 Elsevier Ltd All rights reserved.