The WSJ reports that Sanofi is looking to arrange more financing to enable it to up its bid for Genzyme and thereby bring Genzyme principals to the negotiating table. In playing thi styp eof high stakes poker, it is uncertain what Sanofi's raise must be to gain Genzyme's interest.
Nevertheless, Sanofi is reportedly talking to Sanofi big lenders, such as Citigroup Inc. and Bank of America Corp. about funding an offer that already has backing from J.P. Morgan Chase & Co., BNP Paribas SA and Société Générale SA, according to the Journal report.
The pressure may be building on Sanofi with its recent pipeline failures, see Tamaris last week. Until Sanofi gets their opening ante correct (from Termeer's viewpoint), CEO Chris Viehbacher is going to be lonely at the table.
Posted by Bruce Lehr September 26th 2010.