Fierce Biotech reports this morning that Sanofi has again extended the deadline on its offer of $69 per share ($18.5 B) for the purchase of Genzyme. So far, 0.4 percent of Genzyme shareholders have accepted in the previous two offer periods.
The latest extension is merely a formality to allow Sanofi and Genzyme negotiation teams to contnue the process of trying to reach an agreement on the value of the company. Both continue to haggle over the value of Genzyme's late stage MS drug, Lemtrada (alemtuzumab MS) in trying to set a value on CVRs to augment the share price bid.
Sanofi continues to note "there is no guarantee that the parties will come to an agreement."
Posted by Bruce Lehr Jan 24th 2011
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