ARTICLE | Company News

Genzyme, sanofi-aventis deal

September 6, 2010 7:00 AM UTC

Genzyme rejected an unsolicited offer from sanofi-aventis to acquire the company for $69 per share in cash, or about $18.5 billion. The offer is identical to one proposed privately on July 29; Genzyme rejected that offer on Aug. 11. The price is a 27% premium to Genzyme's close of $54.17 on July 22, the day before rumors of an offer surfaced.

sanofi-aventis said in a statement last week that it made the offer public because the pharma wanted to take the proposal directly to Genzyme's shareholders. sanofi-aventis said Genzyme's rare disease business would provide a new platform for growth and that Genzyme would benefit by gaining the pharma's drug development resources and manufacturing expertise. ...