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.