Advertisement
News
Advertisement

Report: Sanofi may make $18.7B bid for Genzyme

Thu, 07/29/2010 - 6:36am
Mass High Tech: The Journal of New England Technology

French drug maker Sanofi-Aventis plans to make a formal bid to buy Genzyme Corp., for as much as $18.7 billion, Reuters news agency is reporting, quoting unnamed sources.

Sanofi chief executive Chris Viehbacher declined to comment on upcoming deals Wednesday during an earnings call, but said, “We are obviously opportunistic, the group has financial muscle.”

Reuters said sources familiar with the situation said the board of Sanofi met on Wednesday and authorized management to make a formal offer of up to $70 per share for Genzyme, the Cambridge-based biotechnology firm most famous for its rare disease treatments.

The potential acquisition is seen as a blunt against a raft of Sanofi’s drugs going off patent in the next few years and facing challenges by generics that will steeply erode the company’s profits. Cambridge-based Momenta Pharmaceuticals succeeded in gaining approval for a generic alternative to a Sanofi drug just last week.

Genzyme (Nasdaq: GENZ) closed at $68 per share on Wednesday, but was up to $71.10 in pre-market trading on Thursday.

SOURCE

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading