Sanofi-Aventis’s hostile bid for Genzyme could be the start of a long fight between the French drug maker and its biotechnology target. Sanofi began its tender offer on Monday in an effort that is no doubt meant to show its commitment to acquire Genzyme. The offer itself is rather plain vanilla, although it should be [...]
Sanofi-Aventis is looking to line up additional financing as it mulls upping its bid for Genzyme, The Wall Street Journal reported, citing people familiar with the situation. The French drug giant has approached Citigroup and Bank of America about potentially ponying up funding for its bid for the U.S. biotech. However, a Sanofi spokesman told [...]
Sanofi-Aventis, France’s largest drugmaker, arranged about $10 billion of underwritten loans to back its bid for U.S. biotechnology company Genzyme, two people familiar with the situation told Bloomberg News. The loans may be refinanced by bonds after the acquisition is completed, said the people, who declined to be identified because the information is private. JPMorgan [...]
Genzyme, which has been busy trying to fend off Sanofi-Aventis, announced on Monday that it was selling its genetics unit. Laboratory Corporation of America has agreed to acquire Genzyme Genetics for $925 million in cash. The unit, which provides reproductive and oncology testing testing services, reported revenue of $371 million in 2009. “The acquisition of [...]
Sanofi-Aventis’s chief executive, Chris Viehbacher, took his case for a takeover directly to Genzyme’s investors in meetings in New York on Tuesday, Bloomberg News reported, citing two people who attended. Mr. Viehbacher told investors he isn’t getting feedback from Genzyme management on his Aug. 28 offer of $69 a share, or about $18.5 billion, said [...]
Henri Termeer, a biotech industry pioneer and chief executive officer at Genzyme, is on the verge of losing control of the company he transformed from a start-up in 1983 into a cutting-edge drugmaker with $4.5 billion in annual sales, Bloomberg News reported. Pressured by an unsolicited $18.5 billion buyout offer from Paris-based Sanofi-Aventis, activist investors [...]
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