ARTICLE | Company News

Genzyme biopharmaceuticals news

October 18, 2010 7:00 AM UTC

At least four Genzyme shareholders have filed suits in the U.S. District Court of Massachusetts alleging Genzyme's board of directors breached its fiduciary duties in its dealings with the proposed acquisition of the biotech by sanofi-aventis Group (Euronext:SAN; NYSE:SNY, Paris, France). The suits, which are requesting class action, are seeking to compel the board to exercise its fiduciary duty by considering potential offers to acquire the company. One suit is seeking damages and the formation of an independent committee with authority to evaluate, negotiate and accept the sanofi offer or a higher bid. Some suits are also seeking jury trials. The filed suits include: Malina v. Genzyme Corp., et. al.; Field v. Termeer, et. al.; Morelos Revocable Trust v. Termeer et. al.; and Resendes v. Termeer et. al. ...