The WSJ reports that Sanofi has upped its cash bid for Genzyme in "range of $74 per share". Genzyme CEO Henri Termeer said all along he wanted to see a bid of $74-75 per share to get the due diligence process rolling. The deal with sweetened cash terms and a CVR, that will range from $2 in the beginning up to $5-$6 if milestones are achieved, might close within the week according to sources (who are?). The higher value of the CVR is NOT guaranteed according to same sources.
Looks like we have a deal. All we need to do is cross the t's and dot the i's. And all it took was for Sanofi to take Henri at his word, "Show Me the Money!"
Posted by Bruce Lehr Feb 1st 2011.
More on this from this morning's (Feb 2nd) Fierce Biotech article
http://www.fiercebiotech.com/story/reports-sanofi-and-genzyme-agree-upper-70s-wrangle-over-cash-vs-cvr/2011-02-02?utm_medium=rss&utm_source=rss
Posted by: bigredbruce | 02/02/2011 at 10:48 AM