Sanofi in £12bn hostile bid for Genzyme

first_img Sanofi in £12bn hostile bid for Genzyme French pharmaceutical giant Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share, or $18.5bn (£11.7bn), setting off what could be a protracted battle for control of the US biotech.The move comes a month after Genzyme rebuffed an approach from Sanofi-Aventis at the same price. Sanofi has been in discussions with Genzyme shareholders and stated repeatedly that it would go no higher.Sanofi said in a statement on Monday that its offer, which is all in cash, would expire on the afternoon of 11 December.“While Sanofi-Aventis’ strong preference is to engage in constructive discussions with Genzyme, Genzyme’s board and management team’s continued refusal to do so has led Sanofi-Aventis to commence the tender offer,” said Sanofi.Sanofi said its CEO Chris Viehbacher met with the CEO of Genzyme Henri Termeer on September 20, but the talks “proved unproductive.”Sanofi added that it had met with Genzyme shareholders who collectively own more than 50 per cent of the biotech, and that these people were frustrated with Genzyme’s reticence to engage in real talks with Sanofi.In a letter dated 4 October that Viehbacher wrote to Temeer, he criticised Termeer’s unwillingness to provide information about Genzyme’s ongoing manafacturing issues and a promising new indication for a drug. Both questions are central to the valuation of the biotech firm’s fortunes. Show Comments ▼ whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Share John Dunne Monday 4 October 2010 2:39 am Tags: NULLlast_img