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Sanofi paying $20B - and then some - for Genzyme

Wed, 02/16/2011 - 3:31am
Mass High Tech: The Journal of New England Technology

Proving that holding out can be a good strategy, Genzyme Corp. officially announced the long-awaited approval of its sale to French pharmaceutical giant sanofi-aventis for approximately $20 billion in cash, well above sanofi’s initial offer of approximately $18.5 billion.

The deal could be worth even more to Genzyme (Nasdaq: GENZ) shareholders, however, as each will receive one Contingent Value Right (CVR), which could net them additional payment if Cambridge-based Genzyme’s multiple sclerosis drug alemtuzumab acheives certain milestones, or if the drugs Cerezyme and Fabrazyme hit certain production volume goals in 2011. In total, the CVRs could boost the value of each share by another $14, assuming all seven goals for the various drugs are met.

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