WI T N E S S E T H:

Exhibit 10.1

SUPPLY AGREEMENT

THIS AGREEMENT (the “Agreement”), entered into as of this 24th day of January 2006 (the “Effective Date”), by and among Cambrex Charles City, Inc. (“CCC”), a corporation organized under the laws of Iowa with a place of business at 1205 11^th Street, Charles City, Iowa 50616-3466, Genzyme Corporation, a Massachusetts corporation with a place of business at 500 Kendall Street, Cambridge, Massachusetts 02142 (“Genzyme” or “Purchaser”).

W I T N E S S E T H:

WHEREAS, on November 9, 1999, Salsbury Chemicals, Inc. (nka Cambrex Charles City, Inc.) and GelTex Pharmaceuticals, Inc. entered into a Supply Agreement governing the supply of Polyallylamine Hydrochloride (PAA) to GelTex by CCC (the “1999 Agreement”).

WHEREAS, Genzyme is the successor in interest to GelTex Pharmaceuticals, Inc. under the 1999 Agreement.

WHEREAS, Genzyme sublicensed certain patent rights (the “Patent Rights”) obtained from Nitto Boseki Co. Ltd. (“Nittobo”) to CCC pursuant to the terms of a sublicense agreement dated July 10, 1997 (the “Sublicense Agreement”) and CCC has experience in the production of PAA, as further described in Exhibit A hereto (the “Product”);

WHEREAS, Cambrex Karlskoga, a corporation organized under the laws of Sweden with a place of business at SE-691 85 Karlskoga, Sweden (“Karlskoga”) and Genzyme assigned the Patent Rights to Karlskoga pursuant to the terms of the Sublicense Agreement;

WHEREAS, for purposes of this Agreement, the term “Affiliate” shall mean any corporation or other entity that controls, is controlled by, or is under common control with a party. A corporation or other entity shall be regarded as in control of another corporation or entity if it owns or directly or indirectly controls more than fifty percent (50%) of the voting stock or other ownership interest of the other corporation or entity, or if it possesses directly or indirectly, the power to direct or cause the direction of the management and policies of the corporation or other entity or the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the corporation or other entity;

WHEREAS, Genzyme requires the Product for the production of certain non-absorbed phosphate binders (including Renagel® and any other nonabsorbed phosphate binder produced by Genzyme) and a non-absorbed cholesterol reducer (Cholestagel®) (hereinafter be referred to collectively as “End Products”);

WHEREAS, the primary raw material for the manufacture of Product is monoallylamine (“MAA”);

WHEREAS, the End Products may be manufactured by certain third party manufacturers identified in writing to CCC (the “Contract Manufacturers”) and will be marketed and sold by certain third party collaborators identified in writing to CCC (the “Collaborators”);

WHEREAS, CCC is willing to sell to Genzyme and Genzyme, either directly or through its Contract Manufacturers, is willing to purchase from CCC, Product manufactured by CCC in accordance with the price and other terms set forth herein;

WHEREAS, Genzyme and CCC desire to extend its supply relationship and replace the 1999 Agreement with this Agreement, effective on the Effective Date hereof.

NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE I

MANUFACTURE AND SALE

1.01                        Supply.       During the term of this Agreement and subject to the terms and conditions set forth herein, CCC shall manufacture and supply to Genzyme and Genzyme shall purchase [                              ]* of its annual requirements of the Product from CCC. For purposes hereof, Genzyme’s annual requirements shall include the annual requirements of the Collaborators and Contract Manufacturers having an obligation to obtain Product through Genzyme. Genzyme’s Maximum Purchase Volume (MPV) in any one calendar year shall be [                              ]*. Should Genzyme's MPV exceed such amount, the parties shall work in good faith to increase the capacity.

1.02                        Safety Stock.  During the Term of this Agreement, CCC shall maintain a [                              ]* of Product as safety stock; provided that Genzyme’s total annual purchase volume exceeds [                        ]*. Such amount shall be determined based on monthly average of the annual forecast for Product to be delivered to Haverhill, U.K.

1.03                        Quality of Product.  CCC agrees to manufacture the Product to meet the specifications set forth in Exhibit A hereto (the “Specifications”), and in accordance with all applicable regulatory requirements relating to the manufacture of the Product and the terms and conditions of the Technical Agreement, which is attached hereto as Exhibit B (the “Technical Agreement”), and shall not deviate in any way whatsoever therefrom without the written permission of a duly authorized representative of the Purchasers.

1.04                        Secondary Source of Supply.  Genzyme has qualified Product produced at Karlskoga for use at Genzyme in Haverhill UK, and may qualify other CCC Affiliates, as a secondary supplier of Product. CCC may only use such secondary suppliers of Product qualified by Genzyme to manufacture such portion [                              ]* as CCC shall determine. In [                     ]*, Genzyme will use commercially reasonable efforts to arrange for Product manufactured at [                              ]*. Notwithstanding its use of a secondary source of supply, CCC shall remain obligated to supply Genzyme with the quantities of Product described in Section 1.01, and CCC shall be solely responsible for ensuring that all Product manufactured for Genzyme, whether by CCC or another Affiliate of CCC, satisfies the quality requirements and meets the warranties sets forth in this Agreement. If requested by Genzyme, CCC shall use commercially reasonable efforts to cause the secondary source to enter into a Technical Agreement with Genzyme in a timely manner.

ARTICLE II

TERM

2.01                        Term.                The term of this Agreement shall commence on the Effective Date and shall terminate [                              ]* (the “Initial Term”), and is not subject to earlier cancellation by either party except as otherwise specifically provided herein.

*Confidential information omitted and filed separately with the Securities and Exchange Commission.

2.02                        Renewal Term.              The Agreement shall automatically renew after the Initial Term and continue in effect for [            ]* periods (each such period being a “Renewal Term”).

2.03                        Cancellation.                        Should either party desire to cancel the Agreement at the end of the Initial Term or at the end of any Renewal Term, then such party must provide written notice of cancellation to the other party [                              ]* prior to the termination date of the Initial Term or the relevant Renewal Term, as the case may be.

2.04                        Extension.                                       CCC or Genzyme has the option to open negotiations on the extension of this Agreement [              ]* prior to its expiration.

ARTICLE III

PRICE, ORDERS AND TERMS OF PAYMENT

3.01                        Price.                   The Price for the Product is as set forth in Schedule 3.01 hereof. The Price for Product purchased from [                              ]* through [                              ]* shall be adjusted as set forth in Schedules 3.01 and 3.01a, hereof. The Price for Product purchased from [                              ]* through [                              ]* shall be adjusted as set forth in Section 3.02 and Schedule 3.01.

3.02                        Price Revision January 1, 2007 - December 31, 2013 Purchases.   The Price, excluding the contribution of [              ]* (the “Base Price”) will be subject to an annual [                              ]* over the actual price determined for the prior year commencing on January 1, 2007, considering [                              ]* as set forth in Schedule 3.01. Further, the portion of the Price [                              ]*, will also be adjusted based upon the [                              ]* for the upcoming year and [                              ]*. At the end of each contract year, the [                              ]* will be determined and any difference in projected price will be invoiced to Genzyme or credit made to its account. The contribution for [                              ]* is forecast to be [                    ]* for each kilogram of Product produced, based upon a price of [            ]* (plus freight, insurance and applicable duty)  per kilogram of [               ]*. Genzyme has the option to independently negotiate the price and supply of [                                       ]*. The parties also agree to negotiate in good faith [                              ]* in the event of [                              ]*.

3.03                        Rebate.      If this Agreement is executed by the parties by [                              ]* (unless a later date is mutually agreed to by the parties) and if Genzyme orders and takes title to at least [                   ]* of Product between [                              ]* and [                              ]* then CCC shall provide Genzyme a rebate of [                  ]*, paid through a credit to the Genzyme account for Product.

3.04                        Projections.                                 Genzyme or its Contract Manufacturers shall issue at quarterly intervals a twelve (12) month non binding forecast estimating its total requirements of Product from CCC (Forecast). CCC will use these forecasts for planning purposes only, unless and until such time as Genzyme issues a firm purchase order for delivery of Product. If during any quarter, the quantity set forth in firm purchase orders requested by Genzyme exceeds the most recent forecast provided for such quarter by more than [                              ]*, CCC shall use its best efforts to accommodate any increases in the quantity of Product which Genzyme shall request under new purchase orders.

3.05                        Purchase Orders.      Quarterly, Genzyme or its Contract Manufacturers shall submit purchase orders for firm orders of Product with each rolling forecast issued pursuant to Section 3.04, above. Such purchase orders shall be firm orders covering the first three months of the

*Confidential information omitted and filed separately with the Securities and Exchange Commission.

Forecast and set forth the quantities of Product to be purchased, the delivery dates and shipping instructions and place of delivery, and shall allow at least [                         ]* days for delivery. Each purchase order issued hereunder shall be governed by the terms of this Agreement, and none of the terms or conditions of Genzyme’s or CCC’s forms shall be applicable, except for those specifying quantity ordered, delivery dates, special supply and packing instructions, and invoice instructions.

3.06                        Payment Terms.       Payment for the Product shall be due to CCC not later than [                          ]* days from the date of invoice of Product by CCC. All payments and communications regarding the Product shall be delivered to CCC at the address designated in Section 9.06 hereof.

ARTICLE IV

DELIVERY AND TITLE

4.01                        Terms of Delivery.    [                              ]*

4.02                        Manufacture of Product.

A.                                    All Product delivered under this Agreement shall be manufactured in compliance with the terms and conditions of the Sublicense Agreement.

B.                                    The Product shall be manufactured in accordance with all applicable regulatory standards and the Technical Agreement. CCC shall be responsible for maintaining or causing to be maintained, on behalf of Genzyme, the retention samples of the Product required by applicable regulatory standards.

C.                                    CCC shall provide the current Material Safety Data Sheet (MSDS) to Genzyme for all Product delivered hereunder.

D.                                    CCC will maintain, and will cause any Affiliate to maintain, complete and accurate records relating to the Product and the manufacture, packaging and testing thereof for the period required by applicable regulatory standards. Without limiting the generality of the foregoing, CCC shall or shall cause any Affiliate to:

1)                                     perform quality assurance and control tests on each lot of Product manufactured before delivery and shall prepare and deliver to Genzyme a written report of the results of such tests, with each report setting forth for each lot delivered the items tested, specifications and results in a Certificate

*Confidential information omitted and filed separately with the Securities and Exchange Commission.

of Analysis containing the types of information required by applicable regulatory standards, and

2)                                     prepare and maintain for a period of not less than [                              ]* and for so long as required under applicable regulatory standards for each lot of Product manufactured a certificate of manufacturing compliance containing the types of information required by applicable regulatory standards, which will certify that the lot of Product was manufactured in accordance with Specifications and cGMPs.

E.                                     Each party shall promptly advise the other of any safety or toxicity problem of which either party becomes aware regarding the Product or intermediates used in the manufacture of the Product.

F.                                      The parties shall make their best efforts to facilitate the incorporation of process improvements approved by Genzyme into the Product manufacturing scheme.

4.03                        Inspection.    Within a reasonable time of arrival of the Product at Genzyme’s facility or the facility of a Contract Manufacturer, as the case may be, the recipient of the Product shall inspect and test the Product at its cost. If the party testing the Product finds that the Product does not conform to the Specifications, Genzyme shall within [                              ]* after the date of such arrival, give CCC written notice of any claim setting forth the details of such non-conformity and any payment for such non-conforming Product shall be delayed until conforming Product has been accepted. CCC shall replace, at its expense, any non-conforming Product within [                              ]* after CCC receives the above mentioned written notice. This procedure shall continue until such time as the recipient of the Product shall determine that the Product conforms to the Specifications. Disputes between the parties as to whether all or any part of a shipment rejected conforms to the Product Specifications shall be resolved by a mutually acceptable third-party testing laboratory.

4.04                        Plant Visits.    CCC shall, and shall cause any Affiliate to permit representatives of Genzyme and / or its Collaborators, to visit the facilities where the Product is manufactured for the purpose of reviewing the manufacture and testing of the Product and related batch records and of conducting compliance audits associated with cGMPs and other regulatory requirements. Genzyme agrees to give CCC and any Affiliate, as the case may be reasonable notice of any proposed visit to a Product facility by a Genzyme representative or a Collaborator representative. Any such visits shall be during normal business hours on work days and be subject to a standard confidentiality agreement. In addition, CCC shall, and shall cause any Affiliate to, permit governmental inspectors acting pursuant to statutory authority to inspect the facilities where the Product is being manufactured, and to review required documentation. CCC shall notify Genzyme in advance of any planned visit by a governmental inspector and shall promptly notify Genzyme following an unscheduled visit by a governmental inspector; provided such visits are related to the manufacture of Product.

4.05                        Audit Rights.    CCC agrees to provide Genzyme with such financial information as Genzyme may reasonably request in order that Genzyme may verify that any revisions to the Base Price permitted under Section 3.02 and Schedule 3.01 hereof have been accurately calculated.

*Confidential information omitted and filed separately with the Securities and Exchange Commission.

ARTICLE V

WARRANTIES, INDEMNITIES AND INSURANCE

5.01                        Warranties.

A.                                    CCC warrants that

1)                                     Product delivered pursuant to this Agreement (whether manufactured by CCC or another CCC Affiliate) shall (i) conform with the Specifications, (ii) be manufactured in accordance with applicable regulatory standards, (iii) be conveyed with good title, free from any lawful security interests, lien or encumbrance, and (iv) if applicable shall not be adulterated or misbranded within the meaning of the Federal Food, Drug and Cosmetic Act for manufacturers of active pharmaceuticals ingredients; provided, however, that CCC shall not be liable for misbranding or adulteration which is due to any labelling, instructions or packaging provided to CCC by Genzyme; and,

2)                                     the facility used to manufacture the Product is in substantial compliance with all applicable regulatory requirements and there are no pending or uncorrected citations or adverse conditions affecting the manufacture of Product noted in any inspection of the facility.

CCC MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE PRODUCT. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED BY CCC.

B.                                    Genzyme warrants that it is authorized to license the Patent Rights to CCC and Karlskoga and other CCC Affiliates and that the Contract Manufacturers identified to CCC are authorized and accepted by Nittobo.

C.                                    It is understood and agreed that CCC has no control over the ultimate use of the Product or use of products that include or were manufactured with the Product, and CCC shall have no liability in connection with any such use except as may be set forth below.

5.02                        Specifications.                 Genzyme shall deliver to CCC written notice of any required changes to the Specifications, and CCC will use its best efforts to accommodate such Specification changes. If any specification change requested affects CCC’s costs of producing the Product, the parties will negotiate, in good faith, any increases to the pricing set forth in Sections 3.01 and 3.02 hereof.

5.03                        [                              ]*

A.                                    Genzyme.   [                              ]*

*Confidential information omitted and filed separately with the Securities and Exchange Commission.

B.                                    CCC.                  [                              ]*

5.04                        [                              ]*

5.05                        Patent.            [                              ]*

5.06                        [                              ]* Procedures.   [                              ]*

5.07.                     Minimum Insurance Coverage Limits:                                 Without limiting the scope of its aforementioned defense, hold harmless and indemnity duties, each party shall maintain at its sole cost and expense the following insurance; provided that the parties may self insure all or any