Sanofi Will Make Genzyme Its Rare Disease Center of Excellence: Latest Biotech Deals
The Burrill Report submits:
By Marie Daghlian
The boards of Sanofi-Aventis (SNY) and Genzyme (GENZ) finally reached agreement on deal terms for the French pharma to acquire the American biotech, seven months after Sanofi made its intention public. After looking at Genzyme’s books, Sanofi agreed to pay $74 per share in cash, or approximately $20.1 billion, a step up from its original $69 per share offer.Sanofi also agreed to give each Genzyme shareholder one contingent value right for each share they own, which will entitle the holder to additional cash payments tied to specified milestones related to Genzyme’s Lemtrada, Cerezyme, and Fabrazyme. Most of the milestones are based on the success of Lemtrada as a treatment for multiple sclerosis, a drug Genzyme CEO Henri Termeer has claimed has the potential to be a blockbuster. If all milestones are met, it will add as much as $3.8 billion to theComplete Story »
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