Fierce Biotech reports that Sanofi is still sticking to its $69 per share offer that Genzyme has steadfastly rejected. As previously reported, a CVR based on future Campath success may be a possible mechanism to get a deal to progress. However, today Sanofi made a CVR based deal sound more unlikley and an unknown spokesman was quoted as saying that a CVR at even $5 or $10 per share would be unlikley to pass muster (Genzyme thinks $20 per share may be right price). Time is running out on the Sanofi tender though which will expire on December 10th.
Thus far, Genzyme's price has not dipped below the Sanofi offer price of $69 per share -- we'll see if that holds up after December 10th deadline passes and there is no competing offer waiting in the wings.
Posted by Bruce Lehr December 3, 2010.