European drugmakers Sanofi-Aventis and GlaxoSmithKline (GSK) are rumored to be looking at a possible acquisition of US biotechnology group Genzyme.
Reportedly Sanofi had made an offer for Genzyme at about the time it was reported publicly that they were in the market to make a US biotech acquisition in the $15-20 B range.
GSK has reported to have been much more circumspect in their advances. Reportedly, their CEO, Andrew Witty, has merely asked Genzyme to keep him informed if they decide to put themselves on the block. Witty has since denied having any interest in making a major acquisition.
Some analysts have also mentioned J&J as a possibly interested party to an acquisition but company spokemen have declined to comment.
The waiting game commences. It is likely that Genzyme's celebrated manufacturing issues in the past couple of years have opened it up as an acquisition target. Genzyme id report an earnings drop last week although its stock price rose by more than 17% on Friday based on these takeover rumors.
Posted by Bruce Lehr July 26th 2010.