The WSJ reports that Sanofi had hoped to announce its deal to buy Genzyme on Monday but may be slightly delayed while it finishes its due diligence work - particularly on the manufacturing issues at the Alston facility. However, Sanofi still expects to announce the deal by the time it goes over its financial performance in 2010 for the analysts on Wednesday this week.
As widely reported last week, Sanofi is expected to have upped its cash offer to $74 per share and Genzye shareholders will also receive a CVR. The CVR will initially be valued at $2 per share but that can rise to $5-$6 per share if certain sales levels are met - in particular if Lemtrade sales come closer to peak annual sales of $3.5 B estimated by Genzyme rather than the $700 K that Sanofi predicts.
Posted by Bruce Lehr February 6th 2011.