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Sanofi-aventis has taken its $69 per share offer for Genzyme Corp straight to the US biotech firm’s stakeholders in a hostile takeover bid.
The offer from the French pharmaceutical giant values the American company, which makes drugs for high cholesterol and lucrative treatments for rare genetic disorders, at $18.5 billion.
An identical friendly offer was previously made by the company in July and publicly disclosed in August, but Sanofi-aventis CEO, Chris Viehbacher, said Genzyme management “refused to engage in constructive discussions”.
Viehbacher claims to have met with shareholders in possession of more than 50% of Genzyme’s capital and is “confident the offer will be successful”. The new offer will be open until December 10.
Copyright Press Association 2010