Sanofi Wins Control of Genzyme

Sanofi-Aventis will pay $20.1 billion for Genzyme

French pharmaceutical giant Sanofi-Aventis on Feb. 16 won control of giant U.S. biotechnology group Genzyme after increasing its offer considerably in a drawn out battle.

Sanofi-Aventis will pay $20.1 billion for Genzyme, with a further payment of $3.8 billion depending on how the U.S. company performs, the two companies said in a statement.

The two boards unanimously approved the deal and hope to close at the beginning of the second quarter, they said.

Sanofi-Aventis initially offered $18.5 million or $69 per share in October last year after talks on a tie-up with Genzyme made no progress.

At $20.1 billion, or $74 per share, the deal is second only to Roche's acquisition of another US firm, Genentech for $46.8 billion in 2009.

Copyright Agence France-Presse, 2011

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish