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Genzyme’s suitor Sanofi goes hostile with $18.5B offer

Mon, 10/04/2010 - 8:33pm
Mass High Tech: The Journal of New England Technology

Genzyme Corp. has become the target of a hostile takeover bid by suitor Sanofi-aventis, the French pharmaceutical giant that so far has been rejected in its attempts purchase Genzyme for approximately $18.5 billion.

The offer for all outstanding shares of Cambridge-based Genzyme (Nasdaq: GENZ) stock prices the shares at $69 each, a premium of 38 percent over Genzyme’s share price of $49.86 on July 1, 2010, almost one month before speculation about the offer buy Genzyme first became public. The board of directors of Sanofi-aventis has approved the tender offer and set it to expire on Dec. 10, 2010.

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