According to a Boston Herald story reported in PharmaGossip, analyst Philip Nadeau of Cowen & Co says that if the Sanofi-Genzyme deal continues to drag out, Sanofi could try to replace the Genzyme board at the next annual shareholders meeting.
Sanofi-option-take-over-genzyme-board.html - PharmaGossip
Nadeau says that Genzyme is using its time now (and since the initial offer) to figure out exactly what the company is worth. Genzyme's CEO Henri Termeer declined to comment on a report from a French newspaper last week that Sanofi was prepared to sweeten its offer from $69 per share to $76 per share - split between a raise its cash offer and $5-6 per share in CVRs.
Senior managers from both organizations are said to be in active negotiations.
Posted by Bruce Lehr January 20th 2011.
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