AnorMED, of Vancouver, British Columbia, has become noteworthy of late as a company of firsts within the biotechnology industry. The company spent much of the initial half of 2006 embroiled in a public battle between its Board of Directors and one of its largest investors: the hedge fund Baker Brothers Advisors. Now Genzyme, one of the world's largest biotech companies, has made an unsolicited offer for AnorMED of US$8.55 a share in cash, valuing the company at US$380 M. This feature discusses the tactics employed by hedge funds and the possible reasoning behind Genzyme's hostile biotech-biotech offer.