Genzyme sold off its diagnostics testing unit today for $925 M to LabCorp. It continues to search for buyers for its pharmaceutical ingredients and molecular diagnostics units too - which may be worth a combined $1.3 B. And, it has announced that it will reduce its work force by about 1000 employees over the next 15 months. All of this is to boost its competitive position and value.
Bloomberg reports that some analysts believe this pressures Sanofi to up its offer from $69 per share to acquire Genzyme - "as Genzyme is making it clear they're not sitting around waiting for Sanofi..."
A Sanofi spokeman says their offer remains unchanged. CEO Chris Viehbacher said that the unit that was sold today is not his main focus. Sanofi has lined up $10 B in financing to enable its takeover desires for Genzyme. The Game remains on.
Posted by Bruce Lehr September 13th 2010.
Sanofi CEO Chris Viehbacher is still willing to be patient in pursuit of Genzyme from the pharmaletter Sept 16th.
http://www.thepharmaletter.com/file/98399/sanofi-aventis-ceo-reasonably-confident-of-doing-deal-for-genzyme-but-in-no-hurry.html
Posted by: bigredbruce | 09/19/2010 at 01:37 PM
Recap of Genzyme news for the week (Sept 17th) from the PharmaTech Talk blog
http://blog.pharmtech.com/2010/09/17/genzyme-steals-the-headlines-again/
Posted by: bigredbruce | 09/17/2010 at 10:56 AM
More Seeking Alpha analysis of Genzyme shaping up prior to its sale (or remaining independence though unlikely).
http://seekingalpha.com/article/225268-genzyme-cuts-back-for-future-gains-biotechs-must-revert-to-lean-growth
Posted by: bigredbruce | 09/15/2010 at 08:51 AM
Analysis from the Burrill Report in Seeking Alpha
http://seekingalpha.com/article/225013-troubled-genzyme-looks-to-lighten-its-load
Posted by: bigredbruce | 09/14/2010 at 04:00 PM
Some more harsh commentary on Termeer's stewardship of Genzyme from BioJobBlog
http://www.biojobblog.com/2010/09/articles/biobusiness/genzyme-v-sanofiaventis-the-plot-thickens/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BioJobBlog+%28Bio+Job+Blog%29&utm_content=Google+Reader
Posted by: bigredbruce | 09/14/2010 at 03:58 PM