Sanofi’s £12bn bid is rejected

first_img Share whatsapp Show Comments ▼ whatsapp FRENCH pharmaceuticals giant Sanofi-Aventis is poised to go hostile with its $18.4bn (£11.9bn) offer for Genzyme after the US biotechnology company again refused to enter talks.Genzyme rejected Sanofi’s $69-per-share approach for the second time yesterday. Boss Henri Termeer said the board was “not prepared to engage in negotiations… based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues the company”.Sanofi chief executive Chris Viehbacher described Genzyme’s response as “relatively unsurprising”. He said Sanofi would prefer to deal with Genzyme’s top brass but hinted the drugs maker was ready to take a hostile offer to the Massachusetts-based outfit’s shareholders, adding: “We are prepared to consider all alternatives to complete this transaction.”Sanofi hopes to leverage investor dissatisfaction surrounding manufacturing problems at Genzyme, which makes medicines to counter rare conditions such as Gaucher and Fabry disease. Termeer has been weakened in recent months by calls for his removal from investors including Carl Icahn, the activist fund manager.Analysts suggested Sanofi would have to put $70 per share on the table to enter discussions. The final deal price would be around $75 per share, or $20bn. Shares in Genzyme closed 3.39 per cent up at $69.91. KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Monday 30 August 2010 9:34 pm Sanofi’s £12bn bid is rejected Tags: NULL last_img