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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
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                                    FORM 8-K
                                 CURRENT REPORT
 
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
 
               DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
                                OCTOBER 15, 1998
 
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                              GENZYME CORPORATION
             (Exact name of registrant as specified in its charter)
 

                                      
    MASSACHUSETTS            0-14680            06-1047163
   (State or other      (Commission File       (IRS Employer
     jurisdiction            Number)        Identification No.)
  of incorporation)          

 
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               ONE KENDALL SQUARE, CAMBRIDGE, MASSACHUSETTS 02139
             (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (617) 252-7500

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ITEM 5.  OTHER EVENTS.
 
     On October 15, 1998 our Board of Directors declared a tax-free dividend of
0.10929 share of Genzyme Molecular Oncology Division Common Stock for each share
of Genzyme General Division Common Stock owned. We will distribute the shares on
November 16, 1998 to Genzyme General Division shareholders of record on November
2, 1998. We will pay cash for fractional shares at the rate of $7.00 per share.
 
     In addition, on November 16, 1998 we will release from escrow approximately
3.9 million Genzyme Molecular Oncology shares that we issued to the former
shareholders of PharmaGenics, Inc. in June 1997 when we acquired PharmaGenics
and formed Genzyme Molecular Oncology.
 
     Beginning on November 16, 1998, the Genzyme Molecular Oncology shares will
be listed on the Nasdaq National Market under the symbol "GZMO".
 
     For more information regarding the dividend, please read our press release
filed as Exhibit 99.1 to this report.
 
     For more information regarding the business of Genzyme Molecular Oncology,
please read the summary description filed as Exhibit 99.2 to this report.
 
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                                   SIGNATURES
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
 
Date: October 27, 1998
 
                                          GENZYME CORPORATION
 
                                          By: /s/ DAVID J. MCLACHLAN
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                                            David J. McLachlan
                                            Executive Vice President and Chief
                                            Financial Officer
 
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                                 EXHIBIT INDEX
 

  SEQUENTIAL
  EXHIBIT NO.                            DESCRIPTION
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     99.1        Press Release dated October 20, 1998. Filed herewith.
     99.2        Background information about Genzyme Molecular Oncology. Filed 
                 herewith.

 
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