Sanofi ready to make an offer on Genzyme
Corroborating sources, the board of directors of French pharmaceutical group has voted the principle of an offer to repurchase the U.S. Genzyme. Management has the green light to offer up to $ 70 per share in the specialist biotechnology, which would be valued 18.7 billion dollars.
Currently, Genzyme is worth 18 billion dollars in stock. The stock has climbed nearly 26% in one week, supported by an initial informal approach from Sanofi-Aventis, rejected by Genzyme, and the interest of many suitors, as the U.S. investor Carl Icahn. The Reuters news agency says that Genzyme shareholders are willing to accept a redemption price of between 70 and 80 dollars per share.
Sanofi-Aventis, which must publish its results today, pay heed to potential targets across the Atlantic to develop after the expiration of several patents on several key drugs payday loans for bad credit. The laboratory has notably warned its results last week, after U.S. approval of its generic anti-coagulant Lovenox star. The anti-cancer Eloxin has already been impacted by the launch of generics in the United States. The patent on Taxotere, which must fall to fall across the Atlantic could bring down the sales of that other anti-cancer Sanofi-Aventis. To cope with this increased competition, the group renews its strategy and multiplied redemptions.
Reaction monitored Exchange
At the Paris Stock Exchange on Thursday, as investors judge this new proposed acquisition of Sanofi-Aventis that its interim results to be published before the market opening. The title of the group fell by nearly 25% since the beginning of the year.
