In a speech to members of the boston Chamber of Commerce yesterday, Genzyme CEO Henri Termeer shrugged off any notion that there was a need for urgency to conclude a deal with Sanofi before its latest extended tender offer expires at midnight tommorrow.
Termeer told his audience that it took "30 years to get where are. So it will take some time to understand the next step, to understand the dynamics and the value." Genzyme is still pushing Sanofi to raise its offer from $18.5 B (or $69 per share). Both companies appear to be in serious negotiation and talking about CVRs as one mechanism to bridge the value gap between the two.
Sanofi spokesmen and its CEO Chris Viehbacher remained silent in response to Termeer's latest public remarks. Last week, Viehbacher told an investors audience that a Genzyme acquisition would "raise Sanofi's profile in North America, boost its biotechnology franchise, and give it new products at a time when some of its best-selling drugs are losing patent protection."
Posted by Bruce Lehr January 20th 2011.